Let’s now take a look at hedge fund activity in other stocks similar to Packaging Corp Of America (NYSE:PKG). These stocks are Rollins, Inc. (NYSE:ROL), Antero Resources Corp (NYSE:AR), Markit Ltd (NASDAQ:MRKT), and iShares MSCI ACWI Index Fund (NASDAQ:ACWI). All of these stocks’ market caps are similar to PKG’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 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $374 million. That figure was $186 million in PKG’s case. Antero Resources Corp (NYSE:AR) is the most popular stock in this table. On the other hand iShares MSCI ACWI Index Fund (NASDAQ:ACWI) is the least popular one with only 5 bullish hedge fund positions. Packaging Corp Of America (NYSE:PKG) 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 AR might be a better candidate to consider a long position.