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Is Scotts Miracle-Gro Co (NYSE:SMG) a bargain? Money managers are taking an optimistic view. The number of long hedge fund bets rose by 5 lately. Scotts Miracle-Gro Co (NYSE:SMG) was in 27 hedge funds’ portfolios at the end of the third quarter of 2015. There were 22 hedge funds in our database with Scotts Miracle-Gro Co (NYSE:SMG) positions at the end of the previous quarter. At the end of this article, we will also compare Scotts Miracle-Gro Co (NYSE:SMG) to other stocks, including Ultragenyx Pharmaceutical Inc (NASDAQ:RARE), Validus Holdings, Ltd. (NYSE:VR), and Guidewire Software Inc (NYSE:GWRE) to get a better sense of its popularity.
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With all of this in mind, let’s take a glance at the fresh action surrounding Scotts Miracle-Gro Co (NYSE:SMG).
What have hedge funds been doing with Scotts Miracle-Gro Co (NYSE:SMG)?
At the end of Q3, a total of 27 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 23% from the second quarter. With hedge funds’ sentiment swirling, there exists a few notable hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
According to Insider Monkey’s hedge fund and institutional investor database, Ken Fisher’s Fisher Asset Management has the largest position in Scotts Miracle-Gro Co (NYSE:SMG), worth close to $89.6 million, accounting for 0.2% of its total 13F portfolio. The second most bullish fund manager is Steve Cohen of Point72 Asset Management, with a $29.3 million position; 0.2% of its 13F portfolio is allocated to the company. Remaining peers that hold long positions include Israel Englander’s Millennium Management, Dmitry Balyasny’s Balyasny Asset Management, and Renaissance Technologies.