Does National-Oilwell Varco, Inc. (NYSE:NOV) represent a good buying opportunity at the moment? Let’s briefly check the hedge fund sentiment towards the company. Hedge fund firms constantly search out bright intellectuals and highly-experienced employees and throw away millions of dollars on research activities, so it is no wonder why they tend to generate millions in profits each year. It is also true that some hedge fund players fail unconceivably on some occasions, but their stock picks have been generating superior risk-adjusted returns on average over the years.
National-Oilwell Varco, Inc. (NYSE:NOV) has experienced an increase in support from the world’s most elite money managers of late. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Macerich Co (NYSE:MAC), Nomura Holdings, Inc. (ADR) (NYSE:NMR), and Whirlpool Corporation (NYSE:WHR) to gather more data points.
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Now, we’re going to take a gander at the key action surrounding National-Oilwell Varco, Inc. (NYSE:NOV).
What does the smart money think about National-Oilwell Varco, Inc. (NYSE:NOV)?
At the end of the third quarter, a total of 25 of the hedge funds tracked by Insider Monkey held long positions in this stock, up 4% from one quarter earlier. With hedgies’ sentiment swirling, there exists a select group of key hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Select Equity Group, managed by Robert Joseph Caruso, holds the most valuable position in National-Oilwell Varco, Inc. (NYSE:NOV). According to regulatory filings, the fund has a $75.4 million position in the stock, comprising 0.7% of its 13F portfolio. Coming in second is Ariel Investments, managed by John W. Rogers, which holds a $62.9 million position; the fund has 0.8% of its 13F portfolio invested in the stock. Other professional money managers with similar optimism contain Till Bechtolsheimer’s Arosa Capital Management, Jim Simons’s Renaissance Technologies and Ken Griffin’s Citadel Investment Group.