We, at Insider Monkey, have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of Core Molding Technologies, Inc. (NYSEMKT:CMT) based on that data.
Is Core Molding Technologies, Inc. (NYSEMKT:CMT) a buy right now? Money managers are in a bullish mood. The number of long hedge fund bets inched up by 1 lately. At the end of this article, we will also compare Core Molding Technologies, Inc. (NYSEMKT:CMT) to other stocks, including Neff Corp (NYSE:NEFF), Luby’s, Inc. (NYSE:LUB), and Westfield Financial, Inc. (NASDAQ:WFD) to get a better sense of its popularity.
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In the eyes of most investors, hedge funds are assumed to be slow, old financial tools of years past. While there are more than 8000 funds trading today, our researchers choose to focus on the bigwigs of this club, around 700 funds. These investment experts handle the lion’s share of the hedge fund industry’s total asset base, and by paying attention to their highest performing picks, Insider Monkey has figured out a number of investment strategies that have historically beaten the broader indices. Insider Monkey’s small-cap hedge fund strategy surpassed the S&P 500 index by 12 percentage points per annum for a decade in their back tests.
Keeping this in mind, let’s check out the new action surrounding Core Molding Technologies, Inc. (NYSEMKT:CMT).
Hedge fund activity in Core Molding Technologies, Inc. (NYSEMKT:CMT)
At the end of September, a total of 5 of the hedge funds tracked by Insider Monkey were bullish on this stock, an increase of 25% from the second quarter. With hedge funds’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Renaissance Technologies holds the number one position in Core Molding Technologies, Inc. (NYSEMKT:CMT). Renaissance Technologies has a $6 million position in the stock, comprising less than 0.1%% of its 13F portfolio. On Renaissance Technologies’ heels is GAMCO Investors, managed by Mario Gabelli, which holds a $5.4 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. The remaining members of the smart money that are bullish include Peter Algert and Kevin Coldiron’s Algert Coldiron Investors, Cliff Asness’ AQR Capital Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
As aggregate interest increased, some big names were leading the bulls’ herd. Algert Coldiron Investors created the most valuable position in Core Molding Technologies, Inc. (NYSEMKT:CMT). Algert Coldiron Investors had $1.7 million invested in the company at the end of the quarter.
Let’s now take a look at hedge fund activity in other stocks similar to Core Molding Technologies, Inc. (NYSEMKT:CMT). These stocks are Neff Corp (NYSE:NEFF), Luby’s, Inc. (NYSE:LUB), Westfield Financial, Inc. (NASDAQ:WFD), and Spartan Motors Inc (NASDAQ:SPAR). This group of stocks’ market values resembles Core Molding Technologies, Inc. (NYSEMKT:CMT)’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NEFF | 5 | 8671 | 0 |
| LUB | 4 | 12139 | -1 |
| WFD | 5 | 20206 | -1 |
| SPAR | 8 | 24868 | -1 |
As you can see, these stocks had an average of 6 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $14 million in Core Molding Technologies, Inc. (NYSEMKT:CMT)’s case. Spartan Motors Inc (NASDAQ:SPAR) is the most popular stock in this table. On the other hand, Luby’s, Inc. (NYSE:LUB) is the least popular one with only 4 bullish hedge fund positions. Core Molding Technologies, Inc. (NYSEAMEX:CMT) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Spartan Motors Inc (NASDAQ:SPAR) might be a better candidate to consider a long position.
