What have hedge funds been doing with Worthington Industries, Inc. (NYSE:WOR)?
By the end of March, a total of 10 of the hedge funds tracked by Insider Monkey were bullish in this stock, a change of 11% from one quarter earlier. Total value of holdings, however, decreased from $86.21 million in the previous quarter to $70.39 million by the end of the first quarter, a decrease of 18.35%. This decrease is, nonetheless, slightly offset by an 11.57% dip in the stock’s price from January 2 to March 31.
When looking at the hedgies followed by Insider Monkey, Chuck Royce‘s Royce & Associates had the largest position in Worthington Industries, Inc. (NYSE:WOR), worth close to $35.5 million in about 1.33 million shares, corresponding to 0.1% of its total 13F portfolio. On Royce & Associates’s heels is AQR Capital Management, managed by Cliff Asness, which held a $16.8 million position in 631,601 shares; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other members of the smart money that are bullish include David. E. Shaw’s D.E. Shaw & Co., L.P., Phill Gross and Robert Atchinson’s Adage Capital Management and Israel Englander’s Millennium Management.
With a general bullishness amongst the heavyweights, key money managers were leading the bulls’ herd. Adage Capital Management, managed by Phill Gross and Robert Atchinson, initiated the biggest position in Worthington Industries, Inc. (NYSE:WOR). Adage Capital Management had $4 million invested in 151,424 shares of the company at the end of the quarter. Israel Englander’s Millennium Management also made a $1.8 million investment in 65,866 shares during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, Matthew Hulsizer’s PEAK6 Capital Management, and Paul Tudor Jones’s Tudor Investment Corp.
Considering the company’s beat for the fourth quarter, the increase in dividend and increase in number of hedge funds which have long positions on the stock, we see Worthington Industries, Inc. (NYSE:WOR) as a stock to buy now.