Is The McClatchy Company (MNI) A Good Stock To Buy?

Because The McClatchy Company (NYSE:MNI) has faced a declination in interest from the aggregate hedge fund industry, we can see that there is a sect of hedge funds who sold off their positions entirely last quarter. Interestingly, Jim Simons’s Renaissance Technologies cut the largest investment of the 700 funds tracked by Insider Monkey, worth an estimated $0.7 million in stock. William Michaelcheck’s fund, Mariner Investment Group, also dropped its stock, about $0.1 million worth. These moves are intriguing to say the least, as total hedge fund interest fell by 3 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to The McClatchy Company (NYSE:MNI). These stocks are Tenax Therapeutics Inc (NASDAQ:TENX), KEMET Corporation (NYSE:KEM), MAM Software Group Inc. (NASDAQ:MAMS), and Pain Therapeutics, Inc. (NASDAQ:PTIE). This group of stocks’ market caps are similar to MNI’s market cap.

As you can see these stocks had an average of 8.5 hedge funds with bullish positions and the average amount invested in these stocks was $22 million. That figure was $9 million in MNI’s case. KEMET Corporation (NYSE:KEM) is the most popular stock in this table. On the other hand MAM Software Group Inc. (NASDAQ:MAMS) is the least popular one with only 4 bullish hedge fund positions. The McClatchy Company (NYSE:MNI) 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 KEM might be a better candidate to consider a long position.