What do Hedge Funds Think of Altera Corporation (ALTR)?

It’s worth mentioning that David Cohen and Harold Levy’s Iridian Asset Management dropped the largest position of the “upper crust” of funds followed by Insider Monkey, comprising about $34.4 million in stock. John A. Levin’s fund, Levin Capital Strategies, also dropped its stock, about $14.4 million worth. These transactions are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Altera Corporation (NASDAQ:ALTR) but similarly valued. These stocks are Dr Pepper Snapple Group Inc. (NYSE:DPS), BRF Brasil Foods SA (ADR) (NYSE:BRFS), Grupo Televisa SAB (ADR) (NYSE:TV), and Viacom, Inc. (NASDAQ:VIAB). All of these stocks’ market caps match ALTR’s market cap.

As you can see these stocks had an average of 24.75 hedge funds with bullish positions and the average amount invested in these stocks was $1,324 million. That figure was $3,705 million in ALTR’s case. Viacom, Inc. (NASDAQ:VIAB) is the most popular stock in this table. On the other hand BRF Brasil Foods SA (ADR) (NYSE:BRFS) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Altera Corporation (NASDAQ:ALTR) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.