Is Michaels Companies Inc (MIK) A Good Stock To Buy?

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.

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.