Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track more than 700 prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile gigantic failures like hedge funds’ recent losses in Valeant. Let’s take a closer look at what the funds we track think about Quanex Building Products Corporation (NYSE:NX) in this article.
Quanex Building Products Corporation (NYSE:NX) was in 21 hedge funds’ portfolios at the end of the third quarter of 2015. NX investors should pay attention to an increase in support from the world’s most elite money managers of late. There were 18 hedge funds in our database with NX positions at the end of the previous quarter. At the end of this article we will also compare NX to other stocks including Tile Shop Hldgs, Inc. (NASDAQ:TTS), Walter Investment Management Corp (NYSE:WAC), and Barnes & Noble Education Inc (NYSE:BNED) to get a better sense of its popularity.
Now, let’s go over the fresh action surrounding Quanex Building Products Corporation (NYSE:NX).
How have hedgies been trading Quanex Building Products Corporation (NYSE:NX)?
At the end of the third quarter, a total of 21 of the hedge funds tracked by Insider Monkey were long this stock, a change of 17% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were increasing their stakes significantly (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Crispin Odey’s Odey Asset Management Group has the number one position in Quanex Building Products Corporation (NYSE:NX), worth close to $37.4 million, comprising 3% of its total 13F portfolio. The second most bullish fund manager is Royce & Associates, led by Chuck Royce, holding a $18.9 million position; 0.1% of its 13F portfolio is allocated to the stock. Other professional money managers that are bullish encompass Jim Simons’ Renaissance Technologies, Ken Grossman and Glen Schneider’s SG Capital Management and D. E. Shaw’s D E Shaw.