Do Hedge Funds Love Boeing Co (BA)?

Because Boeing Co (NYSE:BA) has witnessed falling interest from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of fund managers that elected to cut their entire stakes in the third quarter. At the top of the heap, Ken Griffin’s Citadel Investment Group said goodbye to the biggest stake of the “upper crust” of funds watched by Insider Monkey, totaling an estimated $68.9 million in stock. Stuart Powers’s fund, Hengistbury Investment Partners, also cut its stake, about $32.3 million worth of Boeing shares. These bearish behaviors are interesting, as aggregate hedge fund interest was cut by 1 fund in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Boeing Co (NYSE:BA). We will take a look at Toronto-Dominion Bank (USA) (NYSE:TD), QUALCOMM, Inc. (NASDAQ:QCOM), Diageo plc (ADR) (NYSE:DEO), and Reynolds American, Inc. (NYSE:RAI). All of these stocks’ market caps match BA’s market cap.

As you can see these stocks had an average of 35 hedge funds with bullish positions and the average amount invested in these stocks was $1.81 billion. That figure was approximately $1.23 billion in BA’s case. QUALCOMM, Inc. (NASDAQ:QCOM) is the most popular stock in this table. On the other hand Diageo plc (ADR) (NYSE:DEO) is the least popular one with only 16 bullish hedge fund positions. Boeing Co (NYSE:BA) 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 QCOM might be a better candidate to consider a long position.

Disclosure: none.