More and More Hedge Funds Are Buying Entegris Inc (ENTG)

As one would reasonably expect, some big names were leading the bulls’ herd. Millennium Management established the most valuable position in Entegris Inc (NASDAQ:ENTG). Millennium Management had $11.3 million invested in the company at the end of the quarter. Wojciech Uzdelewicz’s Espalier Global Management also made a $0.7 million investment in the stock during the quarter. The following funds were also among the new ENTG investors: Joel Greenblatt’s Gotham Asset Management, Matthew Tewksbury’s Stevens Capital Management, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Entegris Inc (NASDAQ:ENTG) but similarly valued. We will take a look at Platform Specialty Products Corp (NYSE:PAH), Silicon Laboratories (NASDAQ:SLAB), Hawaiian Holdings, Inc. (NASDAQ:HA), and Essent Group Ltd (NYSE:ESNT). All of these stocks’ market caps resemble ENTG’s market cap.

As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $360 million. That figure was $429 million in ENTG’s case. Platform Specialty Products Corp (NYSE:PAH) is the most popular stock in this table. On the other hand Silicon Laboratories (NASDAQ:SLAB) is the least popular one with only 15 bullish hedge fund positions. Entegris Inc (NASDAQ:ENTG) 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 PAH might be a better candidate to consider a long position. However, ENTG may be worth watching, as sentiment continues to improve among the smart money.

Disclosure: None