Is LKQ Corporation (LKQ) Right For Your Portfolio?

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Now, some big names have jumped into LKQ Corporation (NASDAQ:LKQ) headfirst. Renaissance Technologies, managed by Jim Simons, created the most outsized position in LKQ Corporation (NASDAQ:LKQ). Renaissance Technologies had $6.3 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $3.9 million position during the quarter. The following funds were also among the new LKQ investors: Andrew Goldman’s Seven Locks Capital Management, Ken Griffin’s Citadel Investment Group, and Alec Litowitz and Ross Laser’s Magnetar Capital.

Let’s go over hedge fund activity in other stocks similar to LKQ Corporation (NASDAQ:LKQ). These stocks are Discovery Communications Inc. (NASDAQ:DISCK), Celanese Corporation (NYSE:CE), Hologic, Inc. (NASDAQ:HOLX), and Philippine Long Distance Telephone (ADR) (NYSE:PHI). All of these stocks’ market caps are closest to LKQ’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
DISCK 21 280090 -3
CE 31 817436 -2
HOLX 33 812836 -2
PHI 4 90945 -2

As you can see these stocks had an average of 22.25 hedge funds with bullish positions and the average amount invested in these stocks was $500 million. That figure was $669 million in LKQ’s case. Hologic, Inc. (NASDAQ:HOLX) is the most popular stock in this table. On the other hand Philippine Long Distance Telephone (ADR) (NYSE:PHI) is the least popular one with only 4 bullish hedge fund positions. LKQ Corporation (NASDAQ:LKQ) is not the most popular stock in this group but hedge fund interest is still above average and rising. This is a slightly positive signal, which makes it a decent candidate to consider taking a long position in.

Disclosure: None

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