Hedge Funds Feel Good About Coherent, Inc. (COHR)

Now, some big names have jumped into Coherent, Inc. (NASDAQ:COHR) headfirst. Citadel Investment Group created the biggest position in Coherent, Inc. (NASDAQ:COHR). Citadel Investment Group had $15.7 million invested in the company at the end of the quarter. Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital also initiated a $9.4 million position during the quarter. The other funds with brand new COHR positions are Ira Unschuld’s Brant Point Investment Management, Peter Muller’s PDT Partners, and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Coherent, Inc. (NASDAQ:COHR) but similarly valued. We will take a look at AMAYA INC (NASDAQ:AYA), Big Lots, Inc. (NYSE:BIG), Cathay General Bancorp (NASDAQ:CATY), and Media General, Inc. (NYSE:MEG). This group of stocks’ market valuations are closest to COHR’s market valuation.

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 $416 million. That figure was $174 million in COHR’s case. Media General, Inc. (NYSE:MEG) is the most popular stock in this table. On the other hand Cathay General Bancorp (NASDAQ:CATY) is the least popular one with only 12 bullish hedge fund positions. Coherent, Inc. (NASDAQ:COHR) 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 MEG might be a better candidate to consider a long position.

Disclosure: None