Cirrus Logic, Inc. (CRUS): Are Hedge Funds Right About This Stock?

With a general bullishness amongst the heavyweights, key money managers have jumped into Cirrus Logic, Inc. (NASDAQ:CRUS) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the largest position in Cirrus Logic, Inc. (NASDAQ:CRUS), worth an estimated $12.8 million at the end of the quarter. Mark Coe’s Coe Capital Management also initiated a $3.2 million position during the quarter. The following funds were also among the new CRUS investors: Robert B. Gillam’s McKinley Capital Management, David Costen Haley’s HBK Investments, and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Cirrus Logic, Inc. (NASDAQ:CRUS) but similarly valued. These stocks are Cousins Properties Inc (NYSE:CUZ), Moog Inc (NYSE:MOG), TerraForm Power Inc (NASDAQ:TERP), and Cabot Corp (NYSE:CBT). This group of stocks’ market values are closest to CRUS’s market value.

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $193 million. That figure was $229 million in CRUS’s case. TerraForm Power Inc (NASDAQ:TERP) is the most popular stock in this table. On the other hand Cousins Properties Inc (NYSE:CUZ) is the least popular one with only 17 bullish hedge fund positions. Cirrus Logic, Inc. (NASDAQ:CRUS) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard TERP might be a better candidate to consider a long position.