Is ICICI Bank Limited (ADR) (IBN) a Good Buy?

Now, some big names have jumped into ICICI Bank Limited (ADR) (NYSE:IBN) headfirst. Millennium Management, managed by Israel Englander, created the most valuable position in ICICI Bank Limited (ADR) (NYSE:IBN). Millennium Management had $12 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $8.3 million position during the quarter. The other funds with brand new IBN positions are Porter Collins, Daniel Moses, and Vincent Daniel’s Seawolf Capital, Peter Muller’s PDT Partners, and Chao Ku’s Nine Chapters Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as ICICI Bank Limited (ADR) (NYSE:IBN) but similarly valued. We will take a look at Deere & Company (NYSE:DE), TE Connectivity Ltd. (NYSE:TEL), Eaton Corporation, PLC Ordinary Shares (NYSE:ETN), and Sempra Energy (NYSE:SRE). This group of stocks’ market valuations are closest to IBN’s market valuation.

As you can see these stocks had an average of 33 hedge funds with bullish positions and the average amount invested in these stocks was $1464 million. That figure was $439 million in IBN’s case. Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) is the most popular stock in this table. On the other hand TE Connectivity Ltd. (NYSE:TEL) is the least popular one with only 28 bullish hedge fund positions. ICICI Bank Limited (ADR) (NYSE:IBN) 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 ETN might be a better candidate to consider a long position.