Hedge Funds Are Crazy About Aerojet Rocketdyne Holdings Inc (AJRD)

As one would reasonably expect, key hedge funds have been driving this bullishness. Beach Point Capital Management, managed by Carl Goldsmith and Scott Klein, assembled the biggest position in Aerojet Rocketdyne Holdings Inc (NYSE:AJRD). Beach Point Capital Management had $13 million invested in the company at the end of the quarter. Manish Chopra’s Tiger Veda also made a $9.1 million investment in the stock during the quarter. The following funds were also among the new AJRD investors: Israel Englander’s Millennium Management, Paul Marshall and Ian Wace’s Marshall Wace LLP, and David Costen Haley’s HBK Investments.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) but similarly valued. These stocks are Comfort Systems USA, Inc. (NYSE:FIX), Hollysys Automation Technologies Ltd (NASDAQ:HOLI), Maiden Holdings, Ltd. (NASDAQ:MHLD), and Analogic Corporation (NASDAQ:ALOG). All of these stocks’ market caps are closest to AJRD’s market cap.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $79 million, which is considerably lower than the $320 million in AJRD’s case. Comfort Systems USA, Inc. (NYSE:FIX) is the most popular stock in this table with 23 funds disclosing ownership of the company’s shares. On the other hand Analogic Corporation (NASDAQ:ALOG) is the least popular one with only 15 bullish hedge fund positions. Compared to these stocks Aerojet Rocketdyne Holdings Inc (NYSE:AJRD) 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.