Top 5 Stock Picks of Kenneth A. Moffet’s Hourglass Capital

3. Apple Inc. (NASDAQ:AAPL)

Hourglass Capital Stake Value: $10,553,000
Percentage of Hourglass Capital’s 13F Portfolio: 3.53%
Number of Hedge Fund Holders: 120

Apple Inc. (NASDAQ:AAPL) is a multinational corporation that designs, manufactures, and sells smartphones, laptops, tablets, wearables, and accessories. It also provides a variety of connected services. On February 8, Apple (NASDAQ:AAPL) purchased AI Music, a London-based business that helps create personalized music.

On January 31, Credit Suisse analyst Sami Badri raised his price target on Apple Inc. (NASDAQ:AAPL) to $168 from $150 and maintained a Neutral rating on the shares. Hourglass Capital holds 59,428 shares in Apple Inc. (NASDAQ:AAPL) worth over $10.55 million, representing 3.53% of its Q4 portfolio. The hedge fund reduced its stake in Apple Inc. (NASDAQ:AAPL) by 21% in the fourth quarter of 2021.

At the end of the third quarter of 2021, 120 hedge funds in the database of Insider Monkey held stakes in Apple Inc. (NASDAQ:AAPL), down from 138 the preceding quarter. 

Alger, an investment management firm, in its fourth-quarter 2021 investor letter mentioned Apple Inc. (NASDAQ:AAPL). Here is what the fund said:

“Apple is a leading technology provider in telecommunications, computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives tight engagement with consumers and enterprises, fostering the growing purchases of high-margin services like music, apps and Apple Pay. Apple’s quarterly earnings exceeded street estimates on strong margin realization driven by a sales mix of more profitable services. The margin strength was even more impressive given significantly higher freight costs and supply constraints that prevented approximately $6 billion in revenue realization.”