Hedge Funds Are Buying Mohawk Industries, Inc. (MHK)

As industrywide interest jumped, key hedge funds were breaking ground themselves. Hitchwood Capital Management, managed by James Crichton, initiated the largest position in Mohawk Industries, Inc. (NYSE:MHK). According to its latest 13F filing, the fund had $109.1 million invested in the company at the end of the quarter. Gabriel Plotkin’s Melvin Capital Management also made a $44.5 million investment in the stock during the quarter. The following funds were also among the new MHK investors: Christopher A. Winham’s Tide Point Capital, John Overdeck and David Siegel’s Two Sigma Advisors, and Peter Muller’s PDT Partners.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Mohawk Industries, Inc. (NYSE:MHK) but similarly valued. We will take a look at Invesco Ltd. (NYSE:IVZ), SBA Communications Corporation (NASDAQ:SBAC), Vale SA (ADR) (NYSE:VALE), and Symantec Corporation (NASDAQ:SYMC). This group of stocks’ market caps are closest to MHK’s market cap.

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 $873 million. SBA Communications Corporation (NASDAQ:SBAC) is the most popular stock in this table, while Vale SA (ADR) (NYSE:VALE) is at the other end of the specter with only 24 bullish hedge fund positions. Mohawk Industries, Inc. (NYSE:MHK) is the superstar of this group, having attracted $2.87 billion in investments from 64 elite funds. Seeing that this company attracts much more attention in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.