Consequently, key hedge funds were leading the bulls’ herd. Joel Greenblatt of Gotham Asset Management initiated the largest position in Mine Safety Incorporated (NYSE:MSA). Gotham Asset Management had $0.6 million invested in the company at the end of the quarter. Matthew Hulsizer’s PEAK6 Capital Management also initiated a $0 million position during the quarter. The following funds were also among the new MSA investors: Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital and PEAK6 Capital Management.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Mine Safety Incorporated (NYSE:MSA) but similarly valued. We will take a look at Allegiant Travel Company (NASDAQ:ALGT), Sanderson Farms, Inc. (NASDAQ:SAFM), Glacier Bancorp, Inc. (NASDAQ:GBCI), and Owens & Minor, Inc. (NYSE:OMI). All of these stocks’ market caps are closest to MSA’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| ALGT | 21 | 225333 | 3 |
| SAFM | 21 | 202162 | 4 |
| GBCI | 5 | 94491 | -1 |
| OMI | 13 | 128694 | -3 |
As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $163 million. That figure was $18 million in MSA’s case. Allegiant Travel Company (NASDAQ:ALGT) is the most popular stock in this table. On the other hand Glacier Bancorp, Inc. (NASDAQ:GBCI) is the least popular one with only 5 bullish hedge fund positions. Mine Safety Incorporated (NYSE:MSA) is not the least popular stock in this group but hedge fund interest is still below average. MSA has been a strong performer this year and several hedge funds sold out of the stock too early at the end of last year. Usually they jump back in after a stock shows some momentum, but this hasn’t been the case with MSA. Given the stock’s forward P/E multiple of 21, we’d also be more inclined to look elsewhere for value.
Disclosure: None
