Because Hasbro, Inc. (NASDAQ:HAS) has witnessed falling interest from the entirety of the hedge funds we track, we can see that there exists a select few hedgies that decided to sell off their full holdings in the third quarter. At the top of the heap, Joel Greenblatt’s Gotham Asset Management sold off the biggest position of the 700 funds followed by Insider Monkey, valued at close to $16.6 million in stock. Louis Bacon’s fund, Moore Global Investments, also said goodbye to its stock, about $12.6 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest was cut by 4 funds in the third quarter.
Let’s go over hedge fund activity in other stocks similar to Hasbro, Inc. (NASDAQ:HAS). These stocks are Harris Corporation (NYSE:HRS), Fiat Chrysler Automobiles NV (NYSE:FCAU), Macy’s, Inc. (NYSE:M), and Silver Wheaton Corp. (USA) (NYSE:SLW). All of these stocks’ market caps resemble HAS’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 36 hedge funds with bullish positions and the average amount invested in these stocks was $760 million. That figure was $313 million in Hasbro’s case. Macy’s, Inc. (NYSE:M) is the most popular stock in this table. On the other hand Harris Corporation (NYSE:HRS) is the least popular one with only 22 bullish hedge fund positions. Compared to these stocks Hasbro, Inc. (NASDAQ:HAS) is only as popular as HRS. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.