5 High Volume NYSE Stocks That Blasted to 52-Week Highs Monday

The markets sentiment is mixed today, as uncertainty regarding the policy moves of both the US Fed and the Bank of Japan paralyzes market participants. The BoJ is expected to cut its interest rates and move into negative territory, while the market would like to see some positive momentum concerning the Fed’s monetary policies, which may disappoint.

In this article, we’ll look at five major stocks which are not starved for momentum, as they each hit 52-week highs yesterday. Those stocks are Amphenol Corporation (NYSE:APH), Ashland Inc. (NYSE:ASH), Dick’s Sporting Goods Inc. (NYSE:DKS), Essent Group Ltd. (NYSE:ESNT) and International Paper Company (NYSE:IP). We’ll check out how hedge funds have been trading them and whether they can maintain their momentum below.

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Shares of Amphenol Corporation (NYSE:APH) are currently trading up by 1.16% today, pushing to a new 52-week high of $65.18 today after also reaching the milestone yesterday. The stock has been helped by Goldman Sachs upgrading its rating on it to ‘Buy’ from ‘Neutral’, while hiking its price target on it to $70 from $60. Goldman Sachs analyst Mark Delaney likes the company’s mix of diversified customers and end-markets, which he believes will allow it to continue to outgrow its peers. 19 funds that we track held $540 million worth of Amphenol Corporation (NYSE:APH) shares at the end of June, compared to 19 funds with $309 million in shares at the end of March, as hedgies grew more bullish on the stock at an opportune time; shares have gained over 12% in the third quarter.

Ashland Inc. (NYSE:ASH) is currently trading at $122.33, up by 2.15% today after shares hit a 52-week high of $122.99 yesterday. Ashland has slowly clawed back to its new yearly high after disappointing fiscal third quarter results issued on July 27 sent shares down to $113.56. Ashland Inc. (NYSE:ASH) is in the process of spinning off motor oil maker Valvoline, with plans to sell 30 million shares in its public offering, at between $20 and $23 per share. The company hopes to raise about $605 million in proceeds through the spinoff. 26 funds that we track were long Ashland on June 30, holding $551 million worth of its stock, up from 24 funds holding $420 million in shares on March 31.   

We’ll check out three more stocks that hit 52-week highs yesterday on the next page.

Dick’s Sporting Goods Inc. (NYSE:DKS) is currently trading flat on Tuesday after touching a 52-week high of $61.61 yesterday. Shares received a jolt on September 15 after investment firm Oppenheimer raised its rating on the sporting goods retailer to ‘Outperform’ from ‘Market Perform’ with a target price of $75, suggesting 28% upside at the time of the call. Oppenheimer is bullish on the stock due to significant competitive fallout, as rivals like Sports Authority have declared bankruptcy. Dick’s Sporting Goods Inc. (NYSE:DKS)’s recent announcement of further expansion and its efforts to improve its stores’ productivity could allow it to capture a nice chunk of the vacated market share. Of the funds in our database, 44 held a total of $772 million of Dick’s Sporting Goods’ stock on June 30, accounting for 15% of its outstanding shares.

Shares of Essent Group Ltd. (NYSE:ESNT) touched their 52-week high of $28.62 yesterday, though they’ve dipped by 2% today. Short covering has helped push the stock higher in recent weeks, as short interest in it fell by 19% during the second-half of August to just 1.32 million shares. Investors are bullish on the finance – mortgage & related services segment, which is anticipated to have solid earnings estimates across the board. For Essent Group Ltd. (NYSE:ESNT), analysts are now predicting $0.59 per share for the ongoing quarter, up from $0.58, and $2.28 for the year, up from previous estimates of $2.23. 15 funds we track held about $123 million of Essent shares at the end of the second quarter.

Shares of International Paper Company (NYSE:IP) attained their 52-week high of $49.90 yesterday, despite the company continuing to be hampered by weak demand from Brazil. Demand from China is also fragile, though the company is enjoying some momentum in the U.S. International Paper expects to close its $2.2 billion acquisition of Weyerhaeuser Co (NYSE:WY)’s cellulose fiber pulp mills in the fourth quarter. 20 funds we track were long about $216 million in International Paper Company (NYSE:IP) shares at the end of June.

Disclosure: None