Because Tribune Publishing Co (NYSE:TPUB) has witnessed a declining sentiment from the smart money, it’s safe to say that there exists a select few hedge funds that elected to cut their entire stakes by the end of the third quarter. Interestingly, Israel Englander’s Millennium Management cut the largest position of all the hedgies monitored by Insider Monkey, totaling close to $3.8 million in stock. Millennium Management Subsidiary’s fund, Blue Arrow Capital Management, also sold off its stock, about $1.4 million worth.
Let’s now review hedge fund activity in other stocks similar to Tribune Publishing Co (NYSE:TPUB). These stocks are Peregrine Pharmaceuticals (NASDAQ:PPHM), Black Diamond Inc (NASDAQ:BDE), China XD Plastics Co Ltd (NASDAQ:CXDC), and Enzymotec Ltd (NASDAQ:ENZY). This group of stocks’ market values match TPUB’s market value.
|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 6 hedge funds with bullish positions and the average amount invested in these stocks was $27 million. That figure was $41 million in TPUB’s case. Black Diamond Inc (NASDAQ:BDE) is the most popular stock in this table with a total of eight funds reporting stakes. On the other hand China XD Plastics Co Ltd (NASDAQ:CXDC) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Tribune Publishing Co (NYSE:TPUB) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.