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The following is a list of today's high volume gainers that have been purchased by institutional and mutual fund investors over the last two quarters.

For each stock we'll list the Relative Volume indicator, which expresses today's volume as a multiple of the three month average daily volume. We’ll also list the percentage of shares outstanding owned by institutions, and the net shares purchased on a quarterly basis.

The smart money seems to think there's more upside to these names. What do you think? Full details below.

Relative volume, short float, and performance data sourced from Finviz, buying data from Fidelity.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by institutional ownership as a percentage of shares outstanding. (Note: Data collected late Monday morning, February 14)

1. EchoStar Corp. (NASDAQ:SATS): Communication Equipment Industry. Market cap of $2.55B. Relative volume at 7.39, with the stock gaining 0.07% during the session.

Institutional ownership represents 68.90% of shares outstanding. Net institutional shares purchased during current quarter at 754.9K vs. 451.3K net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 704.8K vs. 300.2K net purchases during the previous quarter.

Short float at 1.42%, which implies a short ratio of 2.55 days. The stock has gained 55.95% over the last year.

Other Highlights:

- The company appears to be undervalued relative to book value. Price/Book ratio at 0.93, much lower than the industry average of 3.97.

- The company's capital spending accelerated by 45.53% over the last five years, much faster than the industry average of 9.7%. At least theoretically, this makes them more competitive over the coming years, since their operational assets are more up-to-date.

2. Finisar Corp. (NASDAQ:FNSR): Networking & Communication Devices Industry. Market cap of $3.47B. Relative volume at 2.78, with the stock gaining 2.23% during the session.

Institutional ownership represents 63.50% of shares outstanding. Net institutional shares purchased during current quarter at 1.4M vs. 9.8M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 1.6M vs. 3.8M net purchases during the previous quarter.

Short float at 9.92%, which implies a short ratio of 2.39 days. The stock has gained 277.28% over the last year.

Other Highlights:

- Judging by trailing twelve month (TTM) ratios like Return on Equity (ROE), Return on Assets (ROA) and Return on Invested Capital (ROI), it's clear that the company's management is doing an excellent job. TTM ROE at 21.77%, higher than the industry average at 14.29%, TTM ROA at 12.01% vs. the industry average at 9.52%, and TTM ROI at 15.25%, higher than the industry average at 12.5%.

3. Cameron International Corporation (NYSE:CAM): Oil & Gas Equipment & Services Industry. Market cap of $13.71B. Relative volume at 1.73, with the stock gaining 4.17% during the session.

Institutional ownership represents 57.30% of shares outstanding. Net institutional shares purchased during current quarter at 20.3M vs. 3.3M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 2.2M vs. 647.1K net purchases during the previous quarter.

Short float at 3.27%, which implies a short ratio of 2.74 days. The stock has gained 38.37% over the last year.

Other Highlights:

- The company has demonstrated rapid cash flow growth over the last five years, which may lower their risk going forward. Five year average cash flow growth at 24.58%, much higher than the industry average at 22.07%.

4. Cenovus Energy Inc. (NYSE:CVE): Oil & Gas Drilling & Exploration Industry. Market cap of $26.49B. Relative volume at 1.62, with the stock gaining 2.67% during the session.

Institutional ownership represents 54.00% of shares outstanding. Net institutional shares purchased during current quarter at 6.5M vs. 5.6M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 1.8M vs. 14.2M net purchases during the previous quarter.

Short float at 0.68%, which implies a short ratio of 4.42 days. The stock has gained 51.31% over the last year.

5. QUALCOMM Incorporated (NASDAQ:QCOM): Communication Equipment Industry. Market cap of $94.68B. Relative volume at 1.92, with the stock gaining 1.66% during the session.

Institutional ownership represents 49.10% of shares outstanding. Net institutional shares purchased during current quarter at 16.4M vs. 49.3M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 34.4M vs. 837.2K net purchases during the previous quarter.

Short float at 1.86%, which implies a short ratio of 2.1 days. The stock has gained 51.1% over the last year.

Other Highlights:

- When compared to industry competitors, the company reported better than average profit margins during the most recent quarter. Gross margins came in at 73.58%, higher than the industry average at 57.68% (most recent quarter, annualized). Operating margin came in at 35.16%, higher than the industry average at 17.86%, while net profit margin came in at 35.16% vs. the industry average at 17.86%.

6. Frontier Oil Corp. (NYSE:FTO): Oil & Gas Refining & Marketing Industry. Market cap of $2.6B. Relative volume at 1.86, with the stock gaining 5.64% during the session.

Institutional ownership represents 46.00% of shares outstanding. Net institutional shares purchased during current quarter at 597.7K vs. 2.2M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 4.5M vs. 2.4M net purchases during the previous quarter.

Short float at 6.59%, which implies a short ratio of 3.46 days. The stock has gained 89.46% over the last year.

Other Highlights:

- Analysts expect the company to generate higher than normal earnings growth in the future. EPS growth for the next year is projected at 204.17%, higher than the industry average at 26.75%. EPS growth over the next five years projected at 14.5%, vs. the industry average at 10.79%.

7. VeriFone Systems, Inc (NYSE:PAY): Business Equipment Industry. Market cap of $3.94B. Relative volume at 2.87, with the stock gaining 4.57% during the session.

Institutional ownership represents 42.60% of shares outstanding. Net institutional shares purchased during current quarter at 4.8M vs. 2.1M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 4.9M vs. 3.5M net purchases during the previous quarter.

Short float at 10.17%, which implies a short ratio of 5.66 days. The stock has gained 146.68% over the last year.

Other Highlights:

- The company outperformed analyst earnings estimates during the most recent quarter, suggesting that the analyst community is underestimating the stock. The company reported earnings per share of $0.40 per share, and exceeded the First Call Consensus of $0.36 (Q4 Earnings on 12/02/10). The company also outperformed analyst estimates over the last year, reporting earnings per share at $1.32, beating the consensus view at $1.27 (based on the estimates of 8 analysts).

8. Steel Dynamics Inc. (NASDAQ:STLD): Steel & Iron Industry. Market cap of $4.08B. Relative volume at 1.66, with the stock gaining 3.19% during the session.

Institutional ownership represents 35.90% of shares outstanding. Net institutional shares purchased during current quarter at 4.7M vs. 287.8K net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 4.5M vs. 6.8M net purchases during the previous quarter.

Short float at 2.86%, which implies a short ratio of 1.5 days. The stock has gained 20.18% over the last year.

9. Regency Energy Partners LP (RGNC): Oil & Gas Pipelines Industry. Market cap of $3.61B. Relative volume at 1.72, with the stock gaining 0.65% during the session.

Institutional ownership represents 27.70% of shares outstanding. Net institutional shares purchased during current quarter at 12.5M vs. 623.6K net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 1.8M vs. 954.8K net purchases during the previous quarter. Short float at 0.57%, which implies a short ratio of 1.25 days. The stock has gained 38.65% over the last year.

Other Highlights:

- The company appears to be undervalued relative to book value. Price/Book ratio at 1.33, much lower than the industry average of 3.45.

10. El Paso Pipeline Partners, L.P. (NYSE:EPB): Oil & Gas Pipelines Industry. Market cap of $6.39B. Relative volume at 1.8, with the stock gaining 2.21% during the session.

Institutional ownership represents 27.40% of shares outstanding. Net institutional shares purchased during current quarter at 9.7M vs. 8.3M net purchases during previous quarter. Net mutual fund shares purchased during current quarter at 4.8M vs. 1.3M net purchases during the previous quarter.

Short float at 0.61%, which implies a short ratio of 0.79 days. The stock has gained 54.73% over the last year.

Other Highlights:

- It’s worth pointing out that the company has a track record of outperforming its competitors. Over the last five years, EPS grew by 16.65%, higher than the industry average at 1.89%, while revenues grew by 40.84%, outperforming the industry average at 10.59%.

Source: 10 High Volume Gainers Snapped Up by Big Money Managers