Is Macy’s Inc (M) A Good Stock To Buy?

As industrywide interest jumped, some big names have been driving this bullishness. Discovery Capital Management, led by Rob Citrone, assembled the biggest position in Macy’s Inc (NYSE:M). According to regulatory filings, the fund had $94.3 million invested in the company at the end of the quarter. Josh Resnick’s Jericho Capital Asset Management also made a $38.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Mike Masters’s Masters Capital Management, Gregory Thomas’s Carbonado Capital, and Solomon Kumin’s Folger Hill Asset Management.

Let’s now review hedge fund activity in other stocks similar to Macy’s Inc (NYSE:M). We will take a look at Oneok Partners LP (NYSE:OKS), Harris Corporation (NYSE:HRS), International Flavors & Fragrances Inc (NYSE:IFF), and Martin Marietta Materials, Inc. (NYSE:MLM). This group of stocks’ market caps match M’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $501 million. That figure was an impressive $1.34 billion in M’s case. Martin Marietta Materials, Inc. (NYSE:MLM) is the most popular stock in this table. On the other hand Oneok Partners LP (NYSE:OKS) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Macy’s Inc (NYSE:M) is more popular among hedge funds. Considering that hedge funds are fond of this stock 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.

Disclosure: none.