What Hedge Funds Think about Euronav NV Ordinary Shares (EURN)?

Seeing as Euronav NV Ordinary Shares (NYSE:EURN) has sustained bearish sentiment from the aggregate hedge fund industry, it’s easy to see that there were a few hedge funds who were dropping their entire stakes by the end of the third quarter. Intriguingly, George McCabe’s Portolan Capital Management dropped the biggest investment of all the hedgies monitored by Insider Monkey, comprising about $1.2 million in stock, and John Fichthorn’s Dialectic Capital Management was right behind this move, as the fund dumped about $0.9 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Euronav NV Ordinary Shares (NYSE:EURN) but similarly valued. These stocks are La-Z-Boy Incorporated (NYSE:LZB), Magnetek Inc(NASDAQ:MAG), Opus Bank (NASDAQ:OPB), and Amplify Snack Brands Inc (NYSE:BETR). This group of stocks’ market caps are similar to EURN’s market cap.

As you can see these stocks had an average of 12 funds with bullish positions and the average amount invested in these stocks was $98 million. That figure was $80 million in EURN’s case. La-Z-Boy Incorporated (NYSE:LZB) is the most popular stock in this table with 18 funds holding shares. On the other hand Amplify Snack Brands Inc (NYSE:BETR) is the least popular one with only five bullish hedge fund positions. Euronav NV Ordinary Shares (NYSE:EURN) 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 La-Z-Boy Incorporated (NYSE:LZB) might be a better candidate to consider taking a long position in.

Disclosure: none