As industrywide interest jumped, key hedge funds were breaking ground themselves. Adage Capital Management, managed by Phill Gross and Robert Atchinson, created the biggest position in Itron, Inc. (NASDAQ:ITRI). Adage Capital Management had $5.6 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also made a $1.3 million investment in the stock during the quarter. The following funds were also among the new ITRI investors: Ken Griffin’s Citadel Investment Group and Joel Greenblatt’s Gotham Asset Management.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Itron, Inc. (NASDAQ:ITRI) but similarly valued. We will take a look at Financial Engines Inc (NASDAQ:FNGN), Magellan Health Services Inc (NASDAQ:MGLN), Columbia Banking System Inc (NASDAQ:COLB), and Kaiser Aluminum Corp. (NASDAQ:KALU). This group of stocks’ market values are closest to ITRI’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FNGN | 13 | 48815 | 2 |
| MGLN | 19 | 198682 | -2 |
| COLB | 6 | 83231 | -4 |
| KALU | 15 | 167607 | 2 |
As you can see these stocks had an average of 13.25 hedge funds with bullish positions and the average amount invested in these stocks was $125 million. That figure was $448 million in ITRI’s case. Magellan Health Services Inc (NASDAQ:MGLN) is the most popular stock in this table. On the other hand Columbia Banking System Inc (NASDAQ:COLB) is the least popular one with only 6 bullish hedge fund positions. Itron, Inc. (NASDAQ:ITRI) is tied as the most popular stock in this group and has more money invested in it than any of those stocks. This is a positive signal, as we’d rather spend our time researching stocks that hedge funds are loading up on. In this regard ITRI might be a good candidate to consider a long position in.
Disclosure: None
