Hedge Funds Are Betting On Ingersoll-Rand PLC (IR)

As one would reasonably expect, some big names have jumped into Ingersoll-Rand PLC (NYSE:IR) headfirst. Appaloosa Management LP, managed by David Tepper, initiated the most outsized position in Ingersoll-Rand PLC (NYSE:IR). The fund reportedly had $35 million invested in the company at the end of the quarter. David Harding’s Winton Capital Management also initiated a $31.3 million position during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Ingersoll-Rand PLC (NYSE:IR) but similarly valued. We will take a look at Parker-Hannifin Corporation (NYSE:PH), Mohawk Industries, Inc. (NYSE:MHK), Invesco Ltd. (NYSE:IVZ), and SBA Communications Corporation (NASDAQ:SBAC). This group of stocks’ market caps are similar to IR’s market cap.

As you can see these stocks had an average of 44 hedge funds with bullish positions and the average amount invested in these stocks was $1.58 billion. That figure was $1.44 billion in IR’s case. Mohawk Industries, Inc. (NYSE:MHK) is the most popular stock in this table. On the other hand Parker-Hannifin Corporation (NYSE:PH) is the least popular one with only 25 bullish hedge fund positions. Ingersoll-Rand PLC (NYSE:IR) 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 MHK might be a better candidate to consider a long position.