Does Crown Holdings, Inc. (NYSE:CCK) 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.
Crown Holdings, Inc. (NYSE:CCK) was in 35 hedge funds’ portfolios at the end of the third quarter of 2016. CCK has seen an increase in support from the world’s most elite money managers lately. There were 30 hedge funds in our database with CCK holdings at the end of the previous quarter. 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 Qorvo Inc (NASDAQ:QRVO), HD Supply Holdings Inc (NASDAQ:HDS), and KT Corporation (ADR) (NYSE:KT) to gather more data points.
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What does the smart money think about Crown Holdings, Inc. (NYSE:CCK)?
At Q3’s end, a total of 35 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 17% from the previous quarter, pushing ownership among hedgies to a yearly high. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Phill Gross and Robert Atchinson’s Adage Capital Management has the number one position in Crown Holdings, Inc. (NYSE:CCK), worth close to $172.8 million. Sitting at the No. 2 spot is Cliff Asness of AQR Capital Management, with a $114.4 million position. Some other hedge funds and institutional investors that hold long positions encompass D E Shaw, John Osterweis’ Osterweis Capital Management, and Israel Englander’s Millennium Management.