Consequently, some big names have been driving this bullishness. Raging Capital Management created the largest position in Steel Partners Holdings LP (NYSE:SPLP). Jonathan Kolatch’s Redwood Capital Management also made a $0.3 million investment in the stock during the quarter. The only other fund with a new position in the stock is Michael Price’s MFP Investors.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Steel Partners Holdings LP (NYSE:SPLP) but similarly valued. We will take a look at Timkensteel Corp (NYSE:TMST), WL Ross Holding Corp (NASDAQ:WLRHU), Star Bulk Carriers Corp. (NASDAQ:SBLK), and Ennis, Inc. (NYSE:EBF). All of these stocks’ market caps match SPLP’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 14 hedge funds with bullish positions and the average amount invested in these stocks was $116 million. That figure was $74 million in SPLP’s case. WL Ross Holding Corp (NASDAQ:WLRHU) is the most popular stock in this table. On the other hand Star Bulk Carriers Corp. (NASDAQ:SBLK) is the least popular one with only 6 bullish hedge fund positions. Steel Partners Holdings LP (NYSE:SPLP) is not the least popular stock in this group, but hedge fund interest is considerably 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 WLRHU might be a better candidate to consider a long position.