Here is What Hedge Funds Think About Tribune Media Co (TRCO)

As industrywide interest jumped, some big names have jumped into Tribune Media Co (NYSE:TRCO) headfirst. OZ Management, managed by Daniel S. Och, established the biggest position in Tribune Media Co (NYSE:TRCO). OZ Management had $6.4 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also initiated a $2.4 million position during the quarter. The other funds with new positions in the stock are Neil Chriss’s Hutchin Hill Capital, George Hall’s Clinton Group, and Mike Vranos’s Ellington.

Let’s check out hedge fund activity in other stocks similar to Tribune Media Co (NYSE:TRCO). We will take a look at Euronet Worldwide, Inc. (NASDAQ:EEFT), LATAM Airlines Group SA (ADR) (NYSE:LFL), Alere Inc (NYSE:ALR), and Ritchie Bros. Auctioneers (USA) (NYSE:RBA). This group of stocks’ market caps match TRCO’s market cap.

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $390 million. That figure was a whooping $1.26 billion in TRCO’s case. Alere Inc (NYSE:ALR) is the most popular stock in this table. On the other hand LATAM Airlines Group SA (ADR) (NYSE:LFL) is the least popular one with only 8 bullish hedge fund positions. Tribune Media Co (NYSE:TRCO) 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 ALR might be a better candidate to consider a long position.

Disclosure: none.