Do Hedge Funds Love Clorox Company (CLX)?

Consequently, specific money managers have jumped into Clorox Company (NYSE:CLX) headfirst. Millennium Management, managed by Israel Englander, created the largest position in Clorox Company (NYSE:CLX). Millennium Management had $16.7 million invested in the company at the end of the quarter. Clint Carlson’s Carlson Capital also initiated a $16.5 million position during the quarter. The other funds with new positions in the stock are Andrew Sandler’s Sandler Capital Management, Soros Fund Management, and D E Shaw.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as The Clorox Company (NYSE:CLX) but similarly valued. We will take a look at Apache Corporation (NYSE:APA), Essex Property Trust Inc (NYSE:ESS), Palo Alto Networks Inc (NYSE:PANW), and Check Point Software Technologies Ltd. (NASDAQ:CHKP). This group of stocks’ market values is similar to Clorox Company (NYSE:CLX)’s market value.

As you can see, these stocks had an average of 37 hedge funds with bullish positions and the average amount invested in these stocks was $990 million. That figure was $904 million in Clorox Company (NYSE:CLX)’s case. Palo Alto Networks Inc (NYSE:PANW) is the most popular stock in this table. On the other hand, Essex Property Trust Inc (NYSE:ESS) is the least popular one with only 22 bullish hedge fund positions. The Clorox Company (NYSE:CLX) 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, Palo Alto Networks Inc (NYSE:PANW) might be a better candidate to consider a long position.