Consequently, key hedge funds have been driving this bullishness. Tourbillon Capital Partners, managed by Jason Karp, created the largest call position in PPG Industries, Inc. (NYSE:PPG). Tourbillon Capital Partners had $35.1 million invested in the company at the end of the quarter. Clint Carlson’s Carlson Capital also initiated a $30.6 million position during the quarter. The following funds were also among the new PPG investors: Jason Karp’s Tourbillon Capital Partners, Don Morgan’s Brigade Capital, and Clint Murray’s Lodge Hill Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as PPG Industries, Inc. (NYSE:PPG) but similarly valued. We will take a look at McGraw Hill Financial Inc (NYSE:MHFI), Kellogg Company (NYSE:K), Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT), and The Allstate Corporation (NYSE:ALL). This group of stocks’ market values are closest to PPG’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MHFI | 56 | 2584172 | 5 |
| K | 30 | 778773 | 8 |
| CHT | 9 | 81505 | 4 |
| ALL | 39 | 1529914 | -1 |
As you can see these stocks had an average of 33.5 hedge funds with bullish positions and the average amount invested in these stocks was $1244 million. That figure was $1625 million in PPG’s case. McGraw Hill Financial Inc (NYSE:MHFI) is the most popular stock in this table. On the other hand Chunghwa Telecom Co., Ltd (ADR) (NYSE:CHT) is the least popular one with only 9 bullish hedge fund positions. PPG Industries, Inc. (NYSE:PPG) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MHFI might be a better candidate to consider a long position.
