As one would reasonably expect, key hedge funds were breaking ground themselves. Whitebox Advisors, managed by Andy Redleaf, initiated the largest position in Modine Manufacturing Co. (NYSE:MOD). Whitebox Advisors had $2.1 million invested in the company at the end of the quarter.
Let’s now take a look at hedge fund activity in other stocks similar to Modine Manufacturing Co. (NYSE:MOD). We will take a look at Credit Suisse AG- VelocityShares Daily Inverse VIX Short Term Etn (NASDAQ:XIV), Karyopharm Therapeutics Inc (NASDAQ:KPTI), Davids Tea Inc (NASDAQ:DTEA), and NewStar Financial Inc (NASDAQ:NEWS). This group of stocks’ market caps resemble MOD’s market cap.
|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 9 hedge funds with bullish positions and the average amount invested in these stocks was $50 million, compared to $40 million in MOD’s case. Credit Suisse AG- VelocityShares Daily Inverse VIX Short Term Etn (NASDAQ:XIV) is the most popular stock in this table. On the other hand Davids Tea Inc (NASDAQ:DTEA) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Modine Manufacturing Co. (NYSE:MOD) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.