PerkinElmer, Inc. (PKI): Are Hedge Funds Right About This Stock?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. At the top of the heap, Arthur B Cohen and Joseph Healey’s Healthcor Management LP dumped the biggest position of all the hedgies followed by Insider Monkey, valued at an estimated $30.5 million in stock, and Jim Simons’s Renaissance Technologies was right behind this move, as the fund said goodbye to about $1.5 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as PerkinElmer, Inc. (NYSE:PKI) but similarly valued. These stocks are Braskem SA (ADR) (NYSE:BAK), Owens Corning (NYSE:OC), and Steel Dynamics, Inc. (NASDAQ:STLD). This group of stocks’ market values are similar to PKI’s market value.

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $533 million. That figure was $436 million in PKI’s case. Owens Corning (NYSE:OC) is the most popular stock in this table. On the other hand Braskem SA (ADR) (NYSE:BAK) is the least popular one with only 8 bullish hedge fund positions. PerkinElmer, Inc. (NYSE:PKI) 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 OC might be a better candidate to consider taking a long position in.

Disclosure: None