Is Park-Ohio Holdings Corp. (PKOH) A Good Stock to Buy?

Now, specific money managers have been driving this bullishness. Arrowstreet Capital established the most valuable position in Park-Ohio Holdings Corp. (NASDAQ:PKOH). Arrowstreet Capital had $1 million invested in the company at the end of the quarter. D E Shaw also initiated a $0.4 million position during the quarter. The following funds were also among the new PKOH investors: Neil Chriss’ Hutchin Hill Capital, Joel Greenblatt’s Gotham Asset Management, and Israel Englander’s Millennium Management.

Let’s go over hedge fund activity in other stocks similar to Park-Ohio Holdings Corp. (NASDAQ:PKOH). We will take a look at Tristate Capital Holdings Inc (NASDAQ:TSC), Powell Industries, Inc. (NASDAQ:POWL), Iconix Brand Group Inc (NASDAQ:ICON), and Ocwen Financial Corporation (NYSE:OCN). This group of stocks’ market values resemble PKOH’s market value.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $60 million. That figure was $41 million in PKOH’s case. Ocwen Financial Corporation (NYSE:OCN) is the most popular stock in this table. On the other hand Tristate Capital Holdings Inc (NASDAQ:TSC) is the least popular one with only 8 bullish hedge fund positions. Park-Ohio Holdings Corp. (NASDAQ:PKOH) 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 OCN might be a better candidate to consider taking a long position in.

Disclosure: None