Here is What Hedge Funds Think About Analog Devices, Inc. (ADI)

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As industrywide interest jumped, key hedge funds have been driving this bullishness. Winton Capital Management, managed by David Harding, created the biggest position in Analog Devices, Inc. (NASDAQ:ADI). Winton Capital Management had $17.9 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also initiated a $16.5 million position during the quarter. The following funds were also among the new ADI investors: Daniel Benton’s Andor Capital Management, Ray Dalio’s Bridgewater Associates, and Andrew Sandler’s Sandler Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Analog Devices, Inc. (NASDAQ:ADI) but similarly valued. These stocks are Spectra Energy Corp. (NYSE:SE), Tyson Foods, Inc. (NYSE:TSN), Telekomunikasi Indns Tbk Prshn PP PT-ADR (NYSE:TLK), and ConAgra Foods, Inc. (NYSE:CAG). This group of stocks’ market valuations resemble ADI’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SE 24 146526 2
TSN 46 1810004 -4
TLK 9 28359 0
CAG 38 2512264 7

As you can see these stocks had an average of 29.25 hedge funds with bullish positions and the average amount invested in these stocks was $1124 million. That figure was $1190 million in ADI’s case. Tyson Foods, Inc. (NYSE:TSN) is the most popular stock in this table. On the other hand Telekomunikasi Indns Tbk Prshn PP PT-ADR (NYSE:TLK) is the least popular one with only 9 bullish hedge fund positions. Analog Devices, Inc. (NASDAQ:ADI) 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 TSN might be a better candidate to consider a long position.

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