Seeing as Flowserve Corp (NYSE:FLS) has weathered bearish sentiment from hedge fund managers, it’s safe to say that there were a few hedgies that decided to sell off their positions entirely heading into Q4. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management cashed in the biggest investment of the 700 funds monitored by Insider Monkey, totaling close to $543 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also dropped its stock, about $4.5 million worth.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Flowserve Corp (NYSE:FLS) but similarly valued. We will take a look at Jacobs Engineering Group Inc (NYSE:JEC), Zillow Inc (NASDAQ:Z), MarketAxess Holdings Inc. (NASDAQ:MKTX), and Tyler Technologies, Inc. (NYSE:TYL). All of these stocks’ market caps are similar to FLS’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $283 million. That figure was $402 million in FLS’s case. Zillow Inc (NASDAQ:Z) is the most popular stock in this table. On the other hand Jacobs Engineering Group Inc (NYSE:JEC) is the least popular one with only 17 bullish hedge fund positions. Flowserve Corp (NYSE:FLS) has the same number of hedge funds as Zillow but the total value of hedge fund positions is materially lower. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds have larger positions. In this regard Z might be a better candidate to consider taking a long position in.