The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their September 30 holdings, data that is available nowhere else. Should you consider Accuride Corporation (NYSE:ACW) for your portfolio? We’ll look to this invaluable collective wisdom for the answer.
Accuride Corporation (NYSE:ACW) has seen a decrease in hedge fund sentiment recently. At the end of this article we will also compare ACW to other stocks, including Lantheus Holdings Inc (NASDAQ:LNTH), Abeona Therapeutics Inc (NASDAQ:ABEO), and Fenix Parts Inc (NASDAQ:FENX) to get a better sense of its popularity.
Follow Accuride Corp (NYSE:ACW)
Follow Accuride Corp (NYSE:ACW)
According to most shareholders, hedge funds are seen as slow, outdated investment tools of years past. While there are over 8000 funds in operation at present, Our experts hone in on the aristocrats of this group, approximately 700 funds. Most estimates calculate that this group of people administer the lion’s share of the smart money’s total capital, and by paying attention to their highest performing equity investments, Insider Monkey has figured out a number of investment strategies that have historically surpassed the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy surpassed the S&P 500 index by 12 percentage points annually for a decade in their back tests.
Keeping this in mind, let’s take a gander at the latest action encompassing Accuride Corporation (NYSE:ACW).
What have hedge funds been doing with Accuride Corporation (NYSE:ACW)?
At Q3’s end, a total of 13 of the hedge funds tracked by Insider Monkey were long this stock, a drop of 7% from one quarter earlier. With hedgies’ sentiment swirling, there exists a select group of notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Coliseum Capital, managed by Christopher Shackelton and Adam Gray, holds the most valuable position in Accuride Corporation (NYSE:ACW). The fund has reported a $20.6 million position in the stock, comprising 8.3% of its 13F portfolio. The second most bullish fund manager is Rutabaga Capital Management, led by Peter Schliemann, holding a $6.6 million position; the fund has 0.8% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors with similar optimism encompass Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, D. E. Shaw’s D E Shaw and Jim Simons’s Renaissance Technologies.
Due to the fact that Accuride Corporation (NYSE:ACW) has faced falling interest from hedge fund managers, logic holds that there is a sect of fund managers that decided to sell off their entire stakes last quarter. At the top of the heap, Roger Keith Long’s Otter Creek Management cut the largest position of the 700 funds monitored by Insider Monkey, comprising an estimated $0.6 million in stock. Chao Ku’s fund, Nine Chapters Capital Management, also dropped its position, about $0.1 million worth of stock. These moves are interesting, as aggregate hedge fund interest fell by 1 fund last quarter.
Let’s now take a look at hedge fund activity in other stocks similar to Accuride Corporation (NYSE:ACW). These stocks are Lantheus Holdings Inc (NASDAQ:LNTH), Abeona Therapeutics Inc (NASDAQ:ABEO), Fenix Parts Inc (NASDAQ:FENX), and Planar Systems, Inc. (NASDAQ:PLNR). This group of stocks’ market caps are similar to ACW’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| LNTH | 4 | 11135 | -1 |
| ABEO | 8 | 23696 | 2 |
| FENX | 7 | 39779 | -2 |
| PLNR | 10 | 19961 | 3 |
As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $24 million. That figure was $31 million in ACW’s case, which we consider as a good signal. Planar Systems, Inc. (NASDAQ:PLNR) is the most popular stock in this table. On the other hand Lantheus Holdings Inc (NASDAQ:LNTH) is the laggard with only 4 bullish hedge fund positions. Summing up, Accuride Corporation (NYSE:ACW) is clearly the star of this group. 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.
