Hedge Funds Are Buying Analog Devices, Inc. (ADI)

Now, some big names have jumped into Analog Devices, Inc. (NASDAQ:ADI) headfirst. Criterion Capital, led by Christopher Lord, initiated the biggest position in Analog Devices, Inc. (NASDAQ:ADI). Criterion Capital had $9.6 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $5.9 million investment in the stock during the quarter. The other funds with new positions in the stock are Neil Chriss’ Hutchin Hill Capital, Lee Ainslie’s Maverick Capital, and Jonathan Dawson’s Southport Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Analog Devices, Inc. (NASDAQ:ADI) but similarly valued. These stocks are International Paper Company (NYSE:IP), Dollar General Corp. (NYSE:DG), TELUS Corporation (USA) (NYSE:TU), and Continental Resources, Inc. (NYSE:CLR). This group of stocks’ market caps are similar to ADI’s market cap.

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 $642 million. That figure was $1.28 billion in ADI’s case. Dollar General Corp. (NYSE:DG) is the most popular stock in this table. On the other hand TELUS Corporation (USA) (NYSE:TU) is the least popular one with only 9 bullish hedge fund positions. Analog Devices, Inc. (NASDAQ:ADI) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard DG might be a better candidate to consider taking a long position in.

Disclosure: None