Is Corning Incorporated (GLW) the Right Stock for Your Portfolio?

As one would reasonably expect, specific money managers have jumped into Corning Incorporated (NYSE:GLW) headfirst. Citadel Investment Group, managed by Ken Griffin, created the most outsized call position in Corning Incorporated (NYSE:GLW). Citadel Investment Group had $19.3 million invested in the company at the end of the quarter. Robert Pohly’s Samlyn Capital also made a $14.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Michael Messner’s Seminole Capital (Investment Mgmt), John Overdeck and David Siegel’s Two Sigma Advisors, and Paul Tudor Jones’ Tudor Investment Corp.

Let’s check out hedge fund activity in other stocks similar to Corning Incorporated (NYSE:GLW). We will take a look at Mylan Inc. (NASDAQ:MYL), Aviva Plc (ADR) (NYSE:AV), HP Inc. (NYSE:HPQ), and Paychex, Inc. (NASDAQ:PAYX). This group of stocks’ market caps are similar to GLW’s market cap.

As you can see these stocks had an average of 27 funds with bullish positions and the average amount invested in these stocks was $932 million. That figure was $662 million in GLW’s case. Mylan Inc. (NASDAQ:MYL) is the most popular stock in this table, while Aviva Plc (ADR) (NYSE:AV) is the least popular one with only five investors holding shares. Corning Incorporated (NYSE:GLW) 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 Mylan Inc. (NASDAQ:MYL) might be a better candidate to consider a long position.