Hedge Funds Are Buying Harris Corporation (HRS)

As aggregate interest increased, some big names have jumped into Harris Corporation (NYSE:HRS) headfirst. BlueCrest Capital Mgmt., managed by Michael Platt and William Reeves, initiated the biggest position in Harris Corporation (NYSE:HRS). BlueCrest Capital Mgmt. had $6.7 million invested in the company at the end of the quarter. Chao Ku’s Nine Chapters Capital Management also initiated a $5.1 million position during the quarter. The other funds with new positions in the stock are Robert I. Usdan and Wayne K. Goldstein’s Endicott Management, David Costen Haley’s HBK Investments, and Mike Vranos’s Ellington.

Let’s also examine hedge fund activity in other stocks similar to Harris Corporation (NYSE:HRS). We will take a look at Celanese Corporation (NYSE:CE), Cabot Oil & Gas Corporation (NYSE:COG), Kohl’s Corporation (NYSE:KSS), and Hasbro, Inc. (NASDAQ:HAS). All of these stocks’ market caps are closest to HRS’s market cap.

As you can see these stocks had an average of 28 hedge funds with bullish positions and the average amount invested in these stocks was $396 million. That figure was $874 million in HRS’s case. Cabot Oil & Gas Corporation (NYSE:COG)) is the most popular stock in this table, while the least popular one is Hasbro, Inc. (NASDAQ:HAS). In comparison, Harris Corporation (NYSE:HRS) 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.