The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Harsco Corporation (NYSE:HSC).
Is Harsco Corporation (NYSE:HSC) ready to rally soon? Hedge funds are genuinely turning bullish. The number of long hedge fund bets went up by 4 recently. HSC was in 19 hedge funds’ portfolios at the end of the third quarter of 2016. There were 15 hedge funds in our database with HSC positions at the end of the previous quarter. At the end of this article we will also compare HSC to other stocks including Federal Signal Corporation (NYSE:FSS), Varonis Systems Inc (NASDAQ:VRNS), and InfraREIT Inc (NYSE:HIFR) to get a better sense of its popularity.
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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
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How have hedgies been trading Harsco Corporation (NYSE:HSC)?
At Q3’s end, a total of 19 of the hedge funds tracked by Insider Monkey were bullish on this stock, up by 27% from the previous quarter. By comparison, 15 hedge funds held shares or bullish call options in HSC heading into this year. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey’s hedge fund database, Joe Huber’s Huber Capital Management holds the largest position in Harsco Corporation (NYSE:HSC) which has a $36.6 million position in the stock, comprising 1.4% of its 13F portfolio. The second most bullish fund manager is Nelson Obus of Wynnefield Capital, with a $10.2 million position; 3.4% of its 13F portfolio is allocated to the stock. Other peers with similar optimism encompass Peter Schliemann’s Rutabaga Capital Management, Jim Simons’ Renaissance Technologies, one of the largest hedge funds in the world, and D. E. Shaw’s D E Shaw. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.
