Is Ampco-Pittsburgh Corp. (AP) A Good Stock To Buy?

With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the most outsized position in Ampco-Pittsburgh Corp. (NYSE:AP). Balyasny Asset Management had $0.1 million invested in the company at the end of the quarter.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Ampco-Pittsburgh Corp. (NYSE:AP) but similarly valued. These stocks are Rex Energy Corporation (NASDAQ:REXX), Entegra Financial Corp (NASDAQ:ENFC), Lee Enterprises, Incorporated (NYSE:LEE), and RedHill Biopharma Ltd – ADR (NASDAQ:RDHL). This group of stocks’ market caps match AP’s market cap.

As you can see these stocks had an average of 6.75 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $23 million in AP’s case. Lee Enterprises, Incorporated (NYSE:LEE) is the most popular stock in this table. On the other hand Entegra Financial Corp (NASDAQ:ENFC) is the least popular one with only 4 bullish hedge fund positions. Ampco-Pittsburgh Corp. (NYSE:AP) 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 LEE might be a better candidate to consider a long position.