Consequently, specific money managers have jumped into FedEx Corporation (NYSE:FDX) headfirst. York Capital Management, managed by James Dinan, created the biggest call position in FedEx Corporation (NYSE:FDX). York Capital Management had $320.4 million invested in FDX call options at the end of the quarter. Jim Simons’s Renaissance Technologies also made a $134.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Mike Masters’s Masters Capital Management, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and Anthony Bozza’s Lakewood Capital Management.
Let’s now take a look at hedge fund activity in other stocks similar to FedEx Corporation (NYSE:FDX). These stocks are The Southern Company (NYSE:SO), Carnival Corporation (NYSE:CCL), Itau Unibanco Holding SA (ADR) (NYSE:ITUB), and EOG Resources Inc (NYSE:EOG). This group of stocks’ market valuations are closest to FDX’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 37 hedge funds with bullish positions and the average amount invested in these stocks was $1.07 billion. That figure was $4.14 billion in FDX’s case, a positive signal. EOG Resources Inc (NYSE:EOG) is the most popular stock in this table, while The Southern Company (NYSE:SO) is the outsider with only 17 bullish hedge fund positions. FedEx Corporation (NYSE:FDX) 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 EOG might be a better candidate to consider a long position.