NXP Semiconductors NV (NXPI): Are Hedge Funds Right About This Stock?

When looking at the institutional investors followed by Insider Monkey, Soroban Capital Partners, managed by Eric W. Mandelblatt, holds the most valuable position in NXP Semiconductors NV (NASDAQ:NXPI). Soroban Capital Partners has a $384.5 million position in the stock, comprising 3.1% of its 13F portfolio. Coming in second is David Gallo of Valinor Management LLC, with a $146.7 million position; the fund has 4.2% of its 13F portfolio invested in the stock. Remaining hedge funds and institutional investors that hold long positions contain Israel Englander’s Millennium Management, Ken Griffin’s Citadel Investment Group and Legg Mason Capital Management.

Now, specific money managers have jumped into NXP Semiconductors NV (NASDAQ:NXPI) headfirst. Point72 Asset Management, managed by Steve Cohen, assembled the most outsized position in NXP Semiconductors NV (NASDAQ:NXPI). Point72 Asset Management had $48.2 million invested in the company at the end of the quarter. Ken Fisher’s Fisher Asset Management also initiated a $47.9 million position during the quarter. The other funds with brand new NXPI positions are Josh Resnick’s Jericho Capital Asset Management, Nick Niell’s Arrowgrass Capital Partners, and Eli Cohen’s Crescent Park Management.

Let’s also examine hedge fund activity in other stocks similar to NXP Semiconductors NV (NASDAQ:NXPI). We will take a look at TransCanada Corporation (USA) (NYSE:TRP), Credit Suisse Group AG (ADR) (NYSE:CS), Baxalta Inc (NYSE:BXLT), and V.F. Corporation (NYSE:VFC). This group of stocks’ market caps are closest to NXPI’s market cap.

As you can see these stocks had an average of 32.75 hedge funds with bullish positions and the average amount invested in these stocks was $1778 million. That figure was $1647 million in NXPI’s case. Baxalta Inc (NYSE:BXLT) is the most popular stock in this table. On the other hand Credit Suisse Group AG (ADR) (NYSE:CS) is the least popular one with only 10 bullish hedge fund positions. NXP Semiconductors NV (NASDAQ:NXPI) is not the most popular stock in this group but hedge fund interest is still way above average. It seems like hedge funds also believe that NXP is undervalued and may be a takeover candidate.