Do Hedge Funds Love Micron Technology, Inc. (MU)?

Consequently, specific money managers have been driving this bullishness. Rob Citrone’s Discovery Capital Management initiated a $71.1 million position during the quarter. The other funds with brand new MU positions are Ken Heebner’s Capital Growth Management and Christopher James’ Partner Fund Management.

Let’s go over hedge fund activity in other stocks similar to Micron Technology, Inc. (NASDAQ:MU). We will take a look at NetEase, Inc (ADR) (NASDAQ:NTES), Workday Inc (NYSE:WDAY), The Progressive Corporation (NYSE:PGR), and Willis Towers Watson PLC (NASDAQ:WLTW). This group of stocks’ market valuations resemble MU’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NTES 39 2975270 12
WDAY 29 1406330 4
PGR 29 914281 -1
WLTW 41 3287603 2

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 $2.15 billion. That figure was $1.87 billion in MU’s case. Willis Towers Watson PLC (NASDAQ:WLTW) is the most popular stock in this table. On the other hand Workday Inc (NYSE:WDAY) is the least popular one with only 29 bullish hedge fund positions. Compared to these stocks Micron Technology, Inc. (NASDAQ:MU) 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.

Disclosure: None