Is Corning Incorporated (GLW) Going to Burn These Hedge Funds?

Because Corning Incorporated (NYSE:GLW) has faced bearish sentiment from the smart money, we can see that there lies a certain “tier” of hedgies who were dropping their entire stakes last quarter. Interestingly, Jim Simons’s Renaissance Technologies cut the largest investment of the 700 funds watched by Insider Monkey, worth about $22.3 million in stock. Ken Griffin’s fund, Citadel Investment Group, also said goodbye to its holding, about $14.4 million worth of GLW shares. These transactions are important to note, as aggregate hedge fund interest was cut by 1 fund last quarter.

Let’s go over hedge fund activity in other stocks similar to Corning Incorporated (NYSE:GLW). These stocks are Energy Transfer Partners LP (NYSE:ETP), Nomura Holdings, Inc. (ADR) (NYSE:NMR), Sherwin-Williams Company (NYSE:SHW), and Cerner Corporation (NASDAQ:CERN). All of these stocks’ market caps match GLW’s market cap.

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $612 million. That figure was $958 million in GLW’s case. Sherwin-Williams Company (NYSE:SHW) is the most popular stock in this table, while Nomura Holdings, Inc. (ADR) (NYSE:NMR) is the laggard with only 8 bullish hedge fund positions. Corning Incorporated (NYSE:GLW) is not the most popular stock in this group, but hedge fund interest is still above average. While this is a slightly positive signal, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SHW might be a better candidate to consider a long position.