Hedge Funds Are Crazy About Comerica Incorporated (CMA)

Consequently, key money managers were breaking ground themselves. Millennium Management, managed by Israel Englander, initiated the largest position in Comerica Incorporated (NYSE:CMA). The fund had $61.9 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also made a $38.3 million investment in the stock during the quarter. The following funds were also among the new CMA investors: Dmitry Balyasny’s Balyasny Asset Management, Steve Cohen’s Point72 Asset Management, and Ken Gray and Steve Walsh’s Bryn Mawr Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Comerica Incorporated (NYSE:CMA). We will take a look at Santander Consumer USA Holdings Inc (NYSE:SC), Varian Medical Systems, Inc. (NYSE:VAR), Fortinet Inc (NASDAQ:FTNT), and Restaurant Brands International Inc (NYSE:QSR). This group of stocks’ market valuations are similar to CMA’s market valuation.

As you can see these stocks had an average of 32 hedge funds with bullish positions and the average amount invested in these stocks was $1.08 billion. That figure was $746 million in CMA’s case. Fortinet Inc (NASDAQ:FTNT) is the most popular stock in this table, while Varian Medical Systems, Inc. (NYSE:VAR) is at the other end of the specter with only 27 bullish hedge fund positions. Compared to these stocks Comerica Incorporated (NYSE:CMA) 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.