Is Fresh Del Monte Produce Inc (FDP) A Good Stock To Buy?

Seeing as Fresh Del Monte Produce Inc (NYSE:FDP) has gone through a decline in interest from the entirety of the hedge funds we track, logic holds that there is a sect of money managers that decided to sell off their positions entirely last quarter. Interestingly, Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners said goodbye to the biggest position of all the investors monitored by Insider Monkey, comprising an estimated $0.4 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dropped about $0.3 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Fresh Del Monte Produce Inc (NYSE:FDP) but similarly valued. These stocks are Worthington Industries, Inc. (NYSE:WOR), Science Applications International Corp (NYSE:SAIC), Sprouts Farmers Market Inc (NASDAQ:SFM), and Silgan Holdings Inc. (NASDAQ:SLGN). This group of stocks’ market caps resemble FDP’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $130 million. That figure was $125 million in FDP’s case. Sprouts Farmers Market Inc (NASDAQ:SFM) is the most popular stock in this table. On the other hand Silgan Holdings Inc. (NASDAQ:SLGN) is the least popular one with only 9 bullish hedge fund positions. Fresh Del Monte Produce Inc (NYSE:FDP) 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 SFM might be a better candidate to consider taking a long position in.

Disclosure: None