FedEx Corporation (FDX) Is Attracting More Smart Money

With general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Renaissance Technologies, managed by Jim Simons, established the largest position in FedEx Corporation (NYSE:FDX). Renaissance Technologies had $141.7 million invested in the holding at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $79.3 million position during the third quarter. The following funds were also among the new FDX investors: Alexander Mitchell’s Scopus Asset Management, Ken Heebner’s Capital Growth Management, and Doug Gordon, Jon Hilsabeck and Don Jabro’s Shellback Capital.

Let’s also examine hedge fund activity in other stocks similar to FedEx Corporation (NYSE:FDX). We will take a look at PNC Financial Services (NYSE:PNC), America Movil SAB de CV (ADR) (NYSE:AMX), Raytheon Company (NYSE:RTN), and Northrop Grumman Corporation (NYSE:NOC). This group of stocks’ market caps are similar to FDX’s market cap.

As you can see these stocks had an average of 33.75 hedge funds with bullish positions and the average amount invested in these stocks was $1.11 billion. That figure was $4.03 billion in FDX’s case. PNC Financial Services (NYSE:PNC) is the most popular stock in this table. On the other hand America Movil SAB de CV (ADR) (NYSE:AMX) is the least popular one with only 11 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 and it has more than double the amount of money invested in it than any of the other stocks. This is a positive signal when coupled with the rising sentiment, so now may be a good time to consider going long FedEx.

Disclosure: None