Is Micron Technology, Inc. (MU) A Good Stock To Buy?

Seeing as Micron Technology, Inc. (NASDAQ:MU) has faced a declination in interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedge funds who were dropping their full holdings last quarter. It’s worth mentioning that David Einhorn’s Greenlight Capital dumped the largest position of the “upper crust” of funds followed by Insider Monkey, comprising an estimated $185.3 million in stock. Joel Greenblatt’s fund, Gotham Asset Management, also cut its stock, about $56.4 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by seven funds last quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Micron Technology, Inc. (NASDAQ:MU) but similarly valued. These stocks are Weyerhaeuser Company (NYSE:WY), Molson Coors Brewing Company (NYSE:TAP), Republic Services, Inc. (NYSE:RSG), and Telefonica Brasil SA (ADR) (NYSE:VIV). This group of stocks’ market values are closest to MU’s market value.

As you can see these stocks had an average of 27 hedge funds with bullish positions and the average amount invested in these stocks was $1.17 billion. That figure was $1.32 billion in MU’s case. Molson Coors Brewing Company (NYSE:TAP) is the most popular stock in this table. On the other hand Telefonica Brasil SA (ADR) (NYSE:VIV) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Micron Technology, Inc. (NASDAQ:MU) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none