Is Texas Instruments Incorporated (TXN) A Good Stock To Buy?

With a general bullishness amongst the heavyweights, some big names have been driving this bullishness. Jim Simons’ Renaissance Technologies established the most outsized position in Texas Instruments Incorporated (NASDAQ:TXN). Renaissance Technologies had $105.3 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $66 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Matthew Tewksbury’s Stevens Capital Management, and Ernest Chow and Jonathan Howe’s Sensato Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Texas Instruments Incorporated (NASDAQ:TXN) but similarly valued. These stocks are Canon Inc. (ADR) (NYSE:CAJ), Priceline.com Inc (NASDAQ:PCLN), Goldman Sachs Group, Inc. (NYSE:GS), and Broadcom Ltd (NASDAQ:AVGO). All of these stocks’ market caps are closest to TXN’s market cap.

As you can see these stocks had an average of 61 hedge funds with bullish positions and the average amount invested in these stocks was $5.32 billion. That figure was $944 million in TXN’s case. Priceline.com Inc (NASDAQ:PCLN) is the most popular stock in this table. On the other hand Canon Inc. (ADR) (NYSE:CAJ) is the least popular one with only 5 bullish hedge fund positions. Texas Instruments Incorporated (NASDAQ:TXN) 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 PCLN might be a better candidate to consider a long position.