Hedge funds warm up to Apple stock again; Omega Advisors re-enters
NEW YORK Aug 14 (Reuters) - Apple Inc. is regaining its popularity among the biggest hedge funds.
After Apple was dumped left and right months ago, noted stock picker Leon Cooperman of Omega Advisors re-entered Apple shares in the second quarter, while Philippe Laffont of Coatue Management added to his firm's stake, according to quarter regulatory filings on Wednesday.
Cooperman, whose hedge fund had roughly $7 billion in assets last November, took a new position of 31,000 shares in the iPhone, iPad and Mac computer maker after selling 266,404 shares of the company in the fourth quarter of last year.
Cooperman's filing follows Carl Icahn's post on Twitter yesterday that he had taken a "large position" in Apple and that the company is "extremely undervalued."
Cooperman told cable television network CNBC on Wednesday that he agrees with Icahn that the stock is "cheap" and that his fund took a stake when shares were trading in the low-$400 range.
Shares of Apple fell 10.4 percent in the second quarter and are down 6.3 percent this year. The company, which once led the smartphone market, has increasingly come under threat from Samsung Electronics, whose Galaxy "phablets" have become more popular.
Laffont's Coatue Management boosted its stake by about 388,000 shares to roughly 1.6 million shares.
Other hedge funds scaled back on the tech company.
Tiger Veda Management trimmed its stake by 15 percent to 41,365 shares, while Chase Coleman's Tiger Global Management dropped its stake of 260,000 shares.
David Tepper's Appaloosa Management cut its stake in Apple by 29 percent, but still held 383,004 shares at the end of the second quarter.
Apple shares rose almost 5 percent to close at a seven-month high of $489.57 on the Nasdaq on Tuesday after Icahn revealed his stake. On Wednesday, the shares were up 1.8 percent, at $498.50, at the close of trading, after rising to $504.25 in intraday trading
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