Hedge Funds Are Crazy About AMETEK, Inc. (AME)

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As industrywide interest jumped, some big names were breaking ground themselves. Point72 Asset Management, managed by Steve Cohen, initiated the most valuable position in AMETEK, Inc. (NYSE:AME). The fund reportedly had $66 million invested in the company at the end of the quarter. Brian Ashford-Russell and Tim Woolley’s Polar Capital also initiated a $28.8 million position during the quarter. The other funds with brand new AME positions are Anand Parekh’s Alyeska Investment Group, Gregg Moskowitz’s Interval Partners, and Alec Litowitz and Ross Laser’s Magnetar Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as AMETEK, Inc. (NYSE:AME) but similarly valued. We will take a look at Regions Financial Corporation (NYSE:RF), Dover Corp (NYSE:DOV), AEGON N.V. (ADR) (NYSE:AEG), and SL Green Realty Corp (NYSE:SLG). All of these stocks’ market caps match AME’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
RF 34 823572 -5
DOV 28 827780 6
AEG 8 11293 4
SLG 24 201026 3

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $466 million. That figure was $1.05 billion in AME’s case. Regions Financial Corporation (NYSE:RF) is the most popular stock in this table. On the other hand AEGON N.V. (ADR) (NYSE:AEG) is the least popular one with only 8 bullish hedge fund positions. AMETEK, Inc. (NYSE:AME) 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 RF might be a better candidate to consider a long position.

Disclosure: none.

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