Is Nokia Corp (ADR) (NOK) Going to Burn These Hedge Funds?

As industrywide interest jumped, specific money managers were breaking ground themselves. Citadel Investment Group, led by Ken Griffin, assembled the most outsized position in Nokia Corp (ADR) (NYSE:NOK). Citadel Investment Group had $22.1 million invested in the company at the end of the quarter. Neil Chriss’ Hutchin Hill Capital also initiated a $3.2 million position during the quarter. The following funds were also among the new NOK investors: Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management, and Philip Hempleman’s Ardsley Partners.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Nokia Corp (ADR) (NYSE:NOK) but similarly valued. These stocks are Exelon Corporation (NYSE:EXC), Praxair, Inc. (NYSE:PX), Barclays PLC (ADR) (NYSE:BCS), and TransCanada Corporation (USA) (NYSE:TRP). This group of stocks’ market values match NOK’s market value.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $471 million. That figure was $555 million in NOK’s case. Praxair, Inc. (NYSE:PX) is the most popular stock in this table. On the other hand Barclays PLC (ADR) (NYSE:BCS) is the least popular one with only 14 bullish hedge fund positions. Nokia Corp (ADR) (NYSE:NOK) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PX might be a better candidate to consider taking a long position in.

Disclosure: None