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|
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.