Hedge Funds Are Crazy About Ross Stores, Inc. (ROST)

With a general bullishness amongst the heavyweights, key hedge funds were breaking ground themselves. Scopus Asset Management, managed by Alexander Mitchell, initiated the most valuable position in Ross Stores, Inc. (NASDAQ:ROST). Scopus Asset Management had $58.5 million invested in the company at the end of the quarter. Rob Citrone’s Discovery Capital Management also initiated a $31.8 million position during the quarter. The other funds with brand new Ross Stores, Inc. (NASDAQ:ROST) positions are Neil Chriss’ Hutchin Hill Capital, Eric Bannasch’s Cadian Capital, and Scopus Asset Management.

Let’s check out hedge fund activity in other stocks similar to Ross Stores, Inc. (NASDAQ:ROST). We will take a look at CRH PLC (ADR) (NYSE:CRH), Charter Communications, Inc. (NASDAQ:CHTR), Sun Life Financial Inc. (USA) (NYSE:SLF), and Moody’s Corporation (NYSE:MCO). All of these stocks’ market caps are closest to Ross Stores, Inc. (NASDAQ:ROST)’s market cap.

As you can see, these stocks had an average of 34 hedge funds with bullish positions and the average amount invested in these stocks was $3.70 billion. That figure was $909 million in Ross Stores, Inc. (NASDAQ:ROST)’s case. Charter Communications, Inc. (NASDAQ:CHTR) is the most popular stock in this table. On the other hand, CRH PLC (ADR) (NYSE:CRH) is the least popular one with only 7 bullish hedge fund positions. Ross Stores, Inc. (NASDAQ:ROST) 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, Charter Communications, Inc. (NASDAQ:CHTR) might be a better candidate to consider a long position.