Moneygram International Inc (MGI): Hedge Funds Are Snapping Up

As one would reasonably expect, specific money managers have jumped into Moneygram International Inc (NYSE:MGI) headfirst. Highbridge Capital Management, managed by Glenn Russell Dubin, created the largest position in Moneygram International Inc (NYSE:MGI). Highbridge Capital Management had $0.4 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made an $0.2 million investment in the stock during the quarter. The only other fund with a brand new MGI position is Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s go over hedge fund activity in other stocks similar to Moneygram International Inc (NYSE:MGI). These stocks are Crestwood Equity Partners LP (NYSE:CEQP), pdvWireless Inc (NASDAQ:PDVW), Kadant Inc. (NYSE:KAI), and Winmark Corporation (NASDAQ:WINA). This group of stocks’ market values match MGI’s market value.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $71 million. That figure was $81 million in MGI’s case. Kadant Inc. (NYSE:KAI) is the most popular stock in this table. On the other hand Crestwood Equity Partners LP (NYSE:CEQP) and Winmark Corporation (NASDAQ:WINA) are the least popular ones with only 6 bullish hedge fund positions. Moneygram International Inc (NYSE:MGI) 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 KAI might be a better candidate to consider a long position.