The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Entegris Inc (NASDAQ:ENTG).
Is Entegris Inc (NASDAQ:ENTG) undervalued? Prominent investors were buying. The number of bullish hedge fund positions inched up by 1 lately. Entegris Inc (NASDAQ:ENTG) was in 26 hedge funds’ portfolios at the end of the third quarter of 2021. The all time high for this statistic is 30. Our calculations also showed that ENTG isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings). There were 25 hedge funds in our database with ENTG holdings at the end of June.
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Keeping this in mind we’re going to take a gander at the new hedge fund action encompassing Entegris Inc (NASDAQ:ENTG).
William Von Mueffling of Cantillon Capital Management
Do Hedge Funds Think ENTG Is A Good Stock To Buy Now?
At Q3’s end, a total of 26 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 4% from the previous quarter. The graph below displays the number of hedge funds with bullish position in ENTG over the last 25 quarters. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Select Equity Group, managed by Robert Joseph Caruso, holds the largest position in Entegris Inc (NASDAQ:ENTG). Select Equity Group has a $961.9 million position in the stock, comprising 3.2% of its 13F portfolio. Sitting at the No. 2 spot is William von Mueffling of Cantillon Capital Management, with a $274.7 million position; the fund has 1.9% of its 13F portfolio invested in the stock. Some other hedge funds and institutional investors with similar optimism contain Robert G. Moses’s RGM Capital, Israel Englander’s Millennium Management and Charles Montanaro’s Montanaro Asset Management. In terms of the portfolio weights assigned to each position RGM Capital allocated the biggest weight to Entegris Inc (NASDAQ:ENTG), around 4.35% of its 13F portfolio. Montanaro Asset Management is also relatively very bullish on the stock, setting aside 3.44 percent of its 13F equity portfolio to ENTG.
As aggregate interest increased, some big names have been driving this bullishness. Algert Global, managed by Peter Algert, initiated the most outsized position in Entegris Inc (NASDAQ:ENTG). Algert Global had $2 million invested in the company at the end of the quarter. Alec Litowitz and Ross Laser’s Magnetar Capital also made a $0.7 million investment in the stock during the quarter. The other funds with brand new ENTG positions are Paul Tudor Jones’s Tudor Investment Corp, Paul Marshall and Ian Wace’s Marshall Wace LLP, and David Harding’s Winton Capital Management.
Let’s now take a look at hedge fund activity in other stocks similar to Entegris Inc (NASDAQ:ENTG). We will take a look at Akamai Technologies, Inc. (NASDAQ:AKAM), PagSeguro Digital Ltd. (NYSE:PAGS), Continental Resources, Inc. (NYSE:CLR), Wheaton Precious Metals Corp. (NYSE:WPM), Boston Properties, Inc. (NYSE:BXP), ASE Technology Holding Co., Ltd. (NYSE:ASX), and The Carlyle Group Inc (NASDAQ:CG). This group of stocks’ market caps match ENTG’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| AKAM | 30 | 327872 | 0 |
| PAGS | 41 | 2446922 | 1 |
| CLR | 24 | 166253 | 1 |
| WPM | 27 | 347520 | 1 |
| BXP | 21 | 1471101 | 2 |
| ASX | 10 | 271536 | 3 |
| CG | 34 | 1401572 | 13 |
| Average | 26.7 | 918968 | 3 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 26.7 hedge funds with bullish positions and the average amount invested in these stocks was $919 million. That figure was $1505 million in ENTG’s case. PagSeguro Digital Ltd. (NYSE:PAGS) is the most popular stock in this table. On the other hand ASE Technology Holding Co., Ltd. (NYSE:ASX) is the least popular one with only 10 bullish hedge fund positions. Entegris Inc (NASDAQ:ENTG) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for ENTG is 57.8. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 31.1% in 2021 through December 9th and still beat the market by 5.1 percentage points. A small number of hedge funds were also right about betting on ENTG as the stock returned 16.5% since the end of the third quarter (through 12/9) and outperformed the market by an even larger margin.
Follow Entegris Inc (NASDAQ:ENTG)
Follow Entegris Inc (NASDAQ:ENTG)
Suggested Articles:
- 10 Best Financial Advisory Firms To Buy Now
- 15 Biggest Companies That Have Been Hacked
- 15 Most Sustainable Companies In the United States
Disclosure: None. This article was originally published at Insider Monkey.
