After Many Months of Selling, Hedge Funds Are Finally Buying Harris Corporation (HRS) Again

Now, key hedge funds have jumped into Harris Corporation (NYSE:HRS) headfirst. Renaissance Technologies initiated the largest position in Harris Corporation (NYSE:HRS). Renaissance Technologies had $52.5 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $7.7 million position during the quarter. The following funds were also among the new HRS investors: George Hall’s Clinton Group and Matthew Tewksbury’s Stevens Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Harris Corporation (NYSE:HRS) but similarly valued. These stocks are International Flavors & Fragrances Inc (NYSE:IFF), Martin Marietta Materials, Inc. (NYSE:MLM), Masco Corporation (NYSE:MAS), and Maxim Integrated Products Inc. (NASDAQ:MXIM). All of these stocks’ market caps match HRS’s market cap.

As you can see these stocks had an average of 29 hedge funds with bullish positions and the average amount invested in these stocks was $810 million. That figure was $476 million in HRS’s case. Masco Corporation (NYSE:MAS) is the most popular stock in this table. On the other hand International Flavors & Fragrances Inc (NYSE:IFF) is the least popular one with only 16 bullish hedge fund positions. Harris Corporation (NYSE:HRS) 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 MAS might be a better candidate to consider taking a long position in.

Disclosure: None