With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Gotham Asset Management, managed by Joel Greenblatt, assembled the most outsized position in Matthews International Corp (NASDAQ:MATW). Gotham Asset Management had $7.6 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also initiated a $0.4 million position during the quarter. The only other fund with a brand new MATW position is D. E. Shaw’s D E Shaw.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Matthews International Corp (NASDAQ:MATW) but similarly valued. We will take a look at Sohu.com Inc (NASDAQ:SOHU), Celestica Inc. (USA) (NYSE:CLS), Old National Bancorp (NYSE:ONB), and KapStone Paper and Packaging Corp. (NYSE:KS). All of these stocks’ market caps match MATW’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 15 hedge funds with bullish positions and the average amount invested in these stocks was $158 million, while in MATW’s case that figure amounts to $73 million. KapStone Paper and Packaging Corp. (NYSE:KS) is the most popular stock in this table. On the other hand, Old National Bancorp (NYSE:ONB) is the least popular one with only 8 bullish hedge fund positions. Matthews International Corp (NASDAQ:MATW) 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, such as KS, in this particular case.