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Is Apogee Enterprises, Inc. (APOG) A Good Stock To Buy?

As industrywide interest jumped, key hedge funds have jumped into Apogee Enterprises, Inc. (NASDAQ:APOG) headfirst. Hutchin Hill Capital, managed by Neil Chriss, established the biggest position in Apogee Enterprises, Inc. (NASDAQ:APOG). Hutchin Hill Capital had $2 million invested in the company at the end of the quarter. Ken Gray and Steve Walsh’s Bryn Mawr Capital also initiated an $0.4 million position during the quarter. The only other fund with a new position in the stock is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Apogee Enterprises, Inc. (NASDAQ:APOG) but similarly valued. These stocks are Natus Medical Inc (NASDAQ:BABY), Gogo Inc (NASDAQ:GOGO), Olin Corporation (NYSE:OLN), and Shutterfly, Inc. (NASDAQ:SFLY). This group of stocks’ market values are closest to APOG’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BABY 19 135860 -1
GOGO 18 166501 2
OLN 35 485546 11
SFLY 27 413855 0

As you can see these stocks had an average of 24.75 hedge funds with bullish positions and the average amount invested in these stocks was $300 million. That figure was $66 million in APOG’s case. Olin Corporation (NYSE:OLN) is the most popular stock in this table. On the other hand Gogo Inc (NASDAQ:GOGO) is the least popular one with only 18 bullish hedge fund positions. Apogee Enterprises, Inc. (NASDAQ:APOG) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard OLN might be a better candidate to consider a long position.

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