Here is What Hedge Funds Think About Timkensteel Corp (TMST)

Due to the fact that Timkensteel Corp (NYSE:TMST) has sustained declining sentiment from hedge fund managers, we can see that there were a few funds that elected to cut their full holdings by the end of the third quarter. It’s worth mentioning that Israel Englander’s Millennium Management dropped the largest stake of the 700 funds tracked by Insider Monkey, valued at about $2.2 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund said goodbye to about $1.6 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Timkensteel Corp (NYSE:TMST) but similarly valued. These stocks are Harmonic Inc (NASDAQ:HLIT), Sierra Wireless, Inc. (USA) (NASDAQ:SWIR), Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH), and Cascade Bancorp (NASDAQ:CACB). This group of stocks’ market caps match TMST’s market cap.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $51 million. That figure was $42 million in TMST’s case. Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH) is the most popular stock in this table. On the other hand Sierra Wireless, Inc. (USA) (NASDAQ:SWIR) is the least popular one with only 8 bullish hedge fund positions. Timkensteel Corp (NYSE:TMST) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RUTH might be a better candidate to consider taking a long position in.

Disclosure: none.