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Is Bank of Montreal (USA) (BMO) a Good Stock To Buy?

As one would reasonably expect, some big names were breaking ground themselves. Citadel Investment Group established the biggest position in Bank of Montreal (USA) (NYSE:BMO) which had $12.2 million invested in the company at the end of the quarter. Millennium Management also initiated a $10 million position during the quarter. The following funds were also among the new BMO investors: Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Bank of Montreal (USA) (NYSE:BMO) but similarly valued. These stocks are FedEx Corporation (NYSE:FDX), PNC Financial Services (NYSE:PNC), America Movil SAB de CV (ADR) (NYSE:AMX), and Raytheon Company (NYSE:RTN). This group of stocks’ market values match BMO’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
FDX 49 4031572 3
PNC 51 1891503 6
AMX 11 268831 -2
RTN 36 1038218 -2

As you can see these stocks had an average of 37 investors with bullish positions and the average amount invested in these stocks was $1.81 billion. That figure was $219 million in BMO’s case. PNC Financial Services (NYSE:PNC) is the most popular stock in this table, while America Movil SAB de CV (ADR) (NYSE:AMX) is the least popular one with only 11 bullish hedge fund positions. Bank of Montreal (USA) (NYSE:BMO) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PNC Financial Services (NYSE:PNC) might be a better candidate to consider taking a long position in.

Disclosure: None

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