Do Hedge Funds Love Advanced Micro Devices, Inc. (AMD)?

With a general bullishness amongst the heavyweights, key money managers have jumped into Advanced Micro Devices, Inc. (NYSE:AMD) headfirst. Josh Resnick’s Jericho Capital Asset Management made a $46.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Rob Citrone’s Discovery Capital Management, and Christopher Lord’s Criterion Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Advanced Micro Devices, Inc. (NYSE:AMD) but similarly valued. We will take a look at Lincoln Electric Holdings, Inc. (NASDAQ:LECO), Juno Therapeutics Inc (NASDAQ:JUNO), Graphic Packaging Holding Company (NYSE:GPK), and Eaton Vance Corp (NYSE:EV). This group of stocks’ market valuations are similar to AMD’s market valuation.

As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $317 million. That figure was $645 million in AMD’s case. Graphic Packaging Holding Company (NYSE:GPK) is the most popular stock in this table. On the other hand Eaton Vance Corp (NYSE:EV) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Advanced Micro Devices, Inc. (NYSE:AMD) 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.