As one would reasonably expect, some big names were leading the bulls’ herd. Millennium Management established the most valuable position in Entegris Inc (NASDAQ:ENTG). Millennium Management had $11.3 million invested in the company at the end of the quarter. Wojciech Uzdelewicz’s Espalier Global Management also made a $0.7 million investment in the stock during the quarter. The following funds were also among the new ENTG investors: Joel Greenblatt’s Gotham Asset Management, Matthew Tewksbury’s Stevens Capital Management, and Ken Griffin’s Citadel Investment Group.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Entegris Inc (NASDAQ:ENTG) but similarly valued. We will take a look at Platform Specialty Products Corp (NYSE:PAH), Silicon Laboratories (NASDAQ:SLAB), Hawaiian Holdings, Inc. (NASDAQ:HA), and Essent Group Ltd (NYSE:ESNT). All of these stocks’ market caps resemble ENTG’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PAH | 33 | 992608 | 16 |
| SLAB | 15 | 112313 | 3 |
| HA | 24 | 225910 | 2 |
| ESNT | 15 | 108564 | 0 |
As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $360 million. That figure was $429 million in ENTG’s case. Platform Specialty Products Corp (NYSE:PAH) is the most popular stock in this table. On the other hand Silicon Laboratories (NASDAQ:SLAB) is the least popular one with only 15 bullish hedge fund positions. Entegris Inc (NASDAQ:ENTG) 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 PAH might be a better candidate to consider a long position. However, ENTG may be worth watching, as sentiment continues to improve among the smart money.
Disclosure: None
