With a general bullishness amongst the heavyweights, key money managers were breaking ground themselves. Millennium Management created the largest position in Investment Technology Group (NYSE:ITG) which had $5.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $1.1 million position during the quarter. The following funds were also among the new ITG investors: Matthew Hulsizer’s PEAK6 Capital Management, Citadel Investment Group, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Investment Technology Group (NYSE:ITG) but similarly valued. We will take a look at American Renal Associates Holdings Inc (NYSE:ARA), Atwood Oceanics, Inc. (NYSE:ATW), Keryx Biopharmaceuticals (NASDAQ:KERX), and Aceto Corporation (NASDAQ:ACET). This group of stocks’ market valuations are closest to ITG’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| ARA | 7 | 326571 | -4 |
| ATW | 15 | 69638 | -5 |
| KERX | 11 | 174265 | -1 |
| ACET | 11 | 59959 | 3 |
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $36 million in ITG’s case. Atwood Oceanics, Inc. (NYSE:ATW) is the most popular stock in this table. On the other hand American Renal Associates Holdings Inc (NYSE:ARA) is the least popular one with only 7 bullish hedge fund positions. Investment Technology Group (NYSE:ITG) 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 ATW might be a better candidate to consider taking a long position in.
Suggested Articles:
Countries That Produce The Most Weed
Biggest Government Cover-Ups
Most And Least Secure Cell Phones
Disclosure: None
