Now, specific money managers have jumped into Level 3 Communications, Inc. (NYSE:LVLT) headfirst. Carlson Capital, led by Clint Carlson, established the biggest position in Level 3 Communications, Inc. (NYSE:LVLT). Carlson Capital had $14.5 million invested in the company at the end of the quarter. Jeffrey Bronchick’s Cove Street Capital also made a $7.3 million investment in the stock during the quarter. The following funds were also among the new LVLT investors: Solomon Kumin’s Folger Hill Asset Management, Ken Griffin’s Citadel Investment Group, and George Soros’s Soros Fund Management.
Let’s go over hedge fund activity in other stocks similar to Level 3 Communications, Inc. (NYSE:LVLT). We will take a look at Magna International Inc. (USA) (NYSE:MGA), Western Digital Corp. (NASDAQ:WDC), T. Rowe Price Group, Inc. (NASDAQ:TROW), and Hartford Financial Services Group Inc (NYSE:HIG). This group of stocks’ market values are closest to LVLT’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MGA | 27 | 435061 | -2 |
| WDC | 51 | 1102808 | 3 |
| TROW | 28 | 534363 | 5 |
| HIG | 37 | 1041662 | 3 |
As you can see these stocks had an average of 36 funds with bullish positions and the average amount invested in these stocks was $778 million. That figure was $2.79 billion in LVLT’s case. Western Digital Corp. (NASDAQ:WDC) is the most popular stock in this table. On the other hand Magna International Inc. (USA) (NYSE:MGA) is the least popular one with only 27 bullish hedge fund positions. Level 3 Communications, Inc. (NYSE:LVLT) 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 Western Digital Corp. (NASDAQ:WDC) might be a better candidate to consider taking a long position in.
Disclosure: none
