Is It Time to Consider Apogee Enterprises Inc (APOG) Again?

With general bullishness amongst the heavyweights, key money managers have been driving this bullishness. Skylands Capital, led by Charles Paquelet, established the largest position in Apogee Enterprises Inc (NASDAQ:APOG). Skylands Capital had $1.3 million invested in the company at the end of the quarter. Ken Grossman and Glen Schneider’s SG Capital Management also initiated a $1.2 million position during the quarter. The other funds with new positions in the stock are Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Apogee Enterprises Inc (NASDAQ:APOG) but similarly valued. We will take a look at Rambus Inc. (NASDAQ:RMBS), Adecoagro SA (NYSE:AGRO), Stepan Company (NYSE:SCL), and Headwaters Inc (NYSE:HW). This group of stocks’ market valuations are similar to APOG’s market valuation.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $143 million. That figure was $72 million in APOG’s case. Headwaters Inc (NYSE:HW) is the most popular stock in this table. On the other hand Stepan Company (NYSE:SCL) is the least popular one with only 11 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 HW might be a better candidate to consider taking a long position in.

Disclosure: None