Hedge Funds Have Never Been This Bullish On Monmouth Real Estate Investment Corp. (MNR)

Hedge funds and other institutional investors just filed their 13Fs with the Securities and Exchange Commission and disclosed their stock portfolios as of late September. At Insider Monkey, we track nearly 900 active hedge funds and well-known investors, and by analyzing their 13F filings, we can determine the stocks they are collectively optimistic about. One of her favorites is Monmouth Real Estate Investment Corp. (NYSE: MNR) so let’s take a closer look at the sentiment surrounding it in the current quarter.

Monmouth Real Estate Investment Corp. (NYSE: MNR) has seen a growing craze for smart money lately. Monmouth Real Estate Investment Corp. (NYSE: MNR) was in 25 hedge fund portfolios at the end of the third quarter of 2021. The all-time high for this statistic was previously 18. This means the bullish number of hedge fund positions in this statistic. The stock is currently at its all-time high. Our calculations also showed that MNR is not in the top 30 most popular stocks among hedge funds (click for the Q3 ranking).

At Insider Monkey, we search multiple sources to discover the next great investment idea. For example, lithium prices have more than doubled in the last year, so let’s go through lists like the top 10 EV stocks to pick the next Tesla to deliver 10x the return. While we recommend positions in just a tiny fraction of the companies we analyze, we review as many stocks as possible. With this in mind, we analyze the recent hedge fund actions Monmouth Real Estate Investment Corp. (NYSE: MNR).

Phillip Goldstein from Bulldog Investors

Do hedge funds think MNR is a good stock to buy now?

At the end of the third quarter, a total of 25 hedge funds tracked by Insider Monkey were long on this stock, a change of 39% from the previous quarter. On the flip side, a year ago there were a total of 16 hedge funds with a bullish position in MNR. So let’s take a look at which hedge funds were among the top holders in the stock and which hedge funds were making big strides.

The story goes on

Of these funds, Millennium Management held the most valuable stake in Monmouth Real Estate Investment Corp. (NYSE: MNR), which was worth $ 43.1 million at the end of the third quarter. Second was Pentwater Capital Management, which amassed $ 41 million in shares. Water Island Capital, Renaissance Technologies, and Alpine Associates were also very fond of the stock, and became one of the company’s largest hedge fund owners. In relation to the portfolio weights assigned to each position, BCK Capital Monmouth Real Estate Investment Corp. (NYSE: MNR) has the largest weighting, approximately 3.55% of its 13F portfolio. Water Island Capital is also relatively bullish on the stock, distributing 2.26 percent of its 13F stock portfolio to MNR.

As a result, major hedge funds broke ground themselves. Pentwater Capital Management, managed by Matthew Halbower, has the largest position in Monmouth Real Estate Investment Corp. (NYSE: MNR). Pentwater Capital Management had invested $ 41 million in the company at the end of the quarter. Robert Emil Zoellner’s Alpine Associates also opened a position for $ 17.3 million during the quarter. The following funds were also among the new MNR investors: Glazer Capital by Paul Glazer, Beryl Capital Management by David Alexander Witkin and Bulldog Investors by Phillip Goldstein, Andrew Dakos and Steven Samuels.

Now let’s look at hedge fund activity in other stocks that Monmouth Real Estate Investment Corp. (NYSE: MNR) are similar. These stocks are Jumia Technologies AG (NYSE: JMIA), YPF Sociedad Anonima (NYSE: YPF), Organogenesis Holdings Inc. (NASDAQ: ORGO), Provident Financial Services, Inc. (NYSE: PFS), AssetMark Financial Holdings, Inc. ( NYSE: AMK), Compass Diversified (NYSE: CODI), and Spire Global Inc. (NYSE: SPIR). The market values ​​of this group of stocks are closest to the market value of MNR.

[table] Ticker, number of HRs with positions, total HR positions (x1000), change in HR position JMIA, 14.58492.0 YPF, 7.23880, -4 ORGO, 14.164978, -2 PFS, 5.7523 , -2 AMK, 10.64887.1 CODI, 8.43084.4 SPIR, 17.176857, -10 average, 10.7.77100, -1.9 [/table]

View the table here if you are having formatting problems.

As you can see, these stocks had an average of 10.7 hedge funds with bullish positions and the average amount invested in these stocks was $ 77 million. In the case of MNR, that number was $ 214 million. Spire Global Inc. (NYSE: SPIR) is the most popular stock on this table. On the flip side, Provident Financial Services, Inc. (NYSE: PFS) is the least popular with only 5 bullish hedge fund positions. Compared to these stocks, Monmouth Real Estate Investment Corp. (NYSE: MNR) more popular with hedge funds. Our hedge fund sentiment score for MNR is 90 overall. Stocks with a higher number of hedge fund positions compared to other stocks and relative to their historical range receive a higher sentiment score. Our calculations showed that the top 5 most popular hedge fund stocks returned 95.8% in 2019 and 2020, outperforming the S&P 500 ETF (SPY) by 40 percentage points. These stocks returned 31.1% from 2021 through December 9, but were still able to beat the market by 5.1 percentage points. Hedge funds were also right with their bets on MNR, as the stock has returned 13.1% since the end of September (through December 9th) and outperformed the market even more. Hedge funds were clearly right to stack this stock in comparison to other stocks with similar market capitalizations.

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Disclosure: None. This article was originally published on Insider Monkey.