Do Hedge Funds Love Seagate Technology PLC (STX)?

As aggregate interest increased, key hedge funds have jumped into Seagate Technology PLC (NASDAQ:STX) headfirst. Millennium Management, run by Israel Englander, initiated the most valuable position in Seagate Technology PLC (NASDAQ:STX). According to its latest 13F filing, the fund had $100.4 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also made a $35.4 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Christopher Lord’s Criterion Capital, and John Hurley’s Cavalry Asset Management.

Let’s go over hedge fund activity in other stocks similar to Seagate Technology PLC (NASDAQ:STX). We will take a look at AngloGold Ashanti Limited (ADR) (NYSE:AU), Helmerich & Payne, Inc. (NYSE:HP), Antero Resources Corp (NYSE:AR), and Comerica Incorporated (NYSE:CMA). This group of stocks’ market caps are similar to STX’s market cap.

As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $809 million. That figure was $1.22 billion in STX’s case. Comerica Incorporated (NYSE:CMA) is the most popular stock in this table. On the other hand AngloGold Ashanti Limited (ADR) (NYSE:AU) is the least popular one with only 21 bullish hedge fund positions. Seagate Technology PLC (NASDAQ:STX) 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 CMA might be a better candidate to consider a long position.

Disclosure: none.