As aggregate interest increased, specific money managers have been driving this bullishness. Citadel Investment Group, managed by Ken Griffin, assembled the most outsized position in Michaels Companies Inc (NASDAQ:MIK). The fund reportedly had $42.2 million invested in the company at the end of the quarter. Adam Weiss’s Stillwater Investment Management also made a $12.1 million investment in the stock during the quarter. The following funds were also among the new MIK investors: George Hall’s Clinton Group, Israel Englander’s Millennium Management, and Neil Chriss’s Hutchin Hill Capital.
Let’s now take a look at hedge fund activity in other stocks similar to Michaels Companies Inc (NASDAQ:MIK). We will take a look at Flowserve Corporation (NYSE:FLS), Brookfield Property Partners LP (NYSE:BPY), NetSuite Inc (NYSE:N), and ASML Holding N.V. (ADR) (NASDAQ:ASML). All of these stocks’ market caps are similar to MIK’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| FLS | 26 | 402485 | -6 |
| BPY | 5 | 33485 | -1 |
| N | 25 | 479178 | 7 |
| ASML | 10 | 169469 | 2 |
As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $271 million. That figure was $510 million in MIK’s case. Flowserve Corporation (NYSE:FLS) is the most popular stock in this table. On the other hand Brookfield Property Partners LP (NYSE:BPY) is the least popular one with only 5 bullish hedge fund positions. Michaels Companies Inc (NASDAQ:MIK) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FLS might be a better candidate to consider a long position.
Disclosure: none.
