How are hedge funds trading Intel Corporation (NASDAQ:INTC)?
At the end of the fourth quarter, a total of 56 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 24% rise from the previous quarter. With hedgies’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were boosting their holdings considerably (or had already accumulated large positions).
Of the funds tracked by Insider Monkey, First Eagle Investment Management has the biggest position in Intel Corporation (NASDAQ:INTC), worth close to $957.1 million, amounting to 2.4% of its total 13F portfolio. Sitting at the No. 2 spot is Fisher Asset Management, managed by Ken Fisher, which holds a $675.3 million position; 1.3% of its 13F portfolio is allocated to the stock. Some other peers that hold long positions encompass Richard S. Pzena’s Pzena Investment Management, and Phill Gross and Robert Atchinson’s Adage Capital Management.
Consequently, key hedge funds were breaking ground themselves. OZ Management, managed by Daniel S. Och, established the largest call position in Intel Corporation (NASDAQ:INTC). OZ Management had $102.6 million invested in the bullish position at the end of the quarter. Israel Englander’s Millennium Management also initiated a $65 million position during the quarter. The other funds with new positions in the stock are Beeneet Kothari’s Tekne Capital Management, Christopher Lord’s Criterion Capital, and Jim Simons’ Renaissance Technologies.
Let’s go over hedge fund activity in other stocks similar to Intel Corporation (NASDAQ:INTC). These stocks are Citigroup Inc. (NYSE:C), HSBC Holdings plc (ADR) (NYSE:HSBC), Novo Nordisk A/S (ADR) (NYSE:NVO), and Oracle Corporation (NASDAQ:ORCL). All of these stocks’ market caps are closest to INTC’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| C | 106 | 9970358 | -15 |
| HSBC | 8 | 537971 | -7 |
| NVO | 14 | 1980025 | -3 |
| ORCL | 53 | 6920463 | -4 |
As you can see these stocks had an average of 45 hedge funds with bullish positions and the average amount invested in these stocks was $4.85 billion. That figure was $4.34 billion in INTC’s case. Citigroup Inc. (NYSE:C) is the most popular stock in this table. On the other hand HSBC Holdings plc (ADR) (NYSE:HSBC) is the least popular one with only 8 bullish hedge fund positions. Intel Corporation (NASDAQ:INTC) is not the most popular stock in this group but hedge fund interest is still above average and it was the only stock to show a growth in hedge fund ownership. Given that and the bullish calls from analysts, the time may be right to consider a long position in Intel.
