Hedge Funds Are Buying NCR Corporation (NCR)

Now, some big names were breaking ground themselves. Point72 Asset Management, managed by Steve Cohen, initiated the most valuable position in NCR Corporation (NYSE:NCR). Point72 Asset Management had $4.1 million invested in the company at the end of the quarter. George Hall’s Clinton Group also initiated a $3.8 million position during the quarter. The following funds were also among the new NCR investors: Ken Griffin’s Citadel Investment Group, John Overdeck and David Siegel’s Two Sigma Advisors, and Joshua Packwood and Schuster Tanger’s Radix Partners.

Let’s now review hedge fund activity in other stocks similar to NCR Corporation (NYSE:NCR). We will take a look at WEX Inc (NYSE:WEX), Corelogic Inc (NYSE:CLGX), Cabelas Inc (NYSE:CAB), and Teledyne Technologies Incorporated (NYSE:TDY). This group of stocks’ market valuations are similar to NCR’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $411 million. That figure was $245 million in NCR’s case. Cabelas Inc (NYSE:CAB) is the most popular stock in this table. On the other hand WEX Inc (NYSE:WEX) is the least popular one with only 10 bullish hedge fund positions. NCR Corporation (NYSE:NCR) 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 CAB might be a better candidate to consider a long position.

Disclosure: None