Is Tesco Corporation (USA) (TESO) A Good Stock To Buy?

Since Tesco Corporation (USA) (NASDAQ:TESO) has sustained falling interest from the entirety of the hedge funds we track, we can see that there was a specific group of hedgies that slashed their entire stakes by the end of the third quarter. It’s worth mentioning that Paul Marshall and Ian Wace’s Marshall Wace LLP cashed in the biggest position of all the investors tracked by Insider Monkey, worth about $2.4 million in stock, and Paul Tudor Jones’ Tudor Investment Corp was right behind this move, as the fund sold off about $0.2 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to Tesco Corporation (USA) (NASDAQ:TESO). These stocks are PennyMac Financial Services Inc (NYSE:PFSI), AV Homes Inc (NASDAQ:AVHI), Steel Partners Holdings LP (NYSE:SPLP), and Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI). This group of stocks’ market values are closest to TESO’s market value.

As you can see these stocks had an average of nine funds with bullish positions and the average amount invested in these stocks was $52 million. That figure was $41 million in TESO’s case. PennyMac Financial Services Inc (NYSE:PFSI) is the most popular stock in this table. On the other hand AV Homes Inc (NASDAQ:AVHI) is the least popular one with only three bullish hedge fund positions. Tesco Corporation (USA) (NASDAQ:TESO) 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 PFSI might be a better candidate to consider taking a long position in.

Disclosure: none