The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their September 30 holdings, data that is available nowhere else. Should you consider Michaels Companies Inc (NASDAQ:MIK) for your portfolio? We’ll look to this invaluable collective wisdom for the answer.
Is Michaels Companies Inc (NASDAQ:MIK) a healthy stock for your portfolio? The smart money is getting more bullish. The number of bullish hedge fund bets increased by 5 in recent months. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Zillow Group, Inc.- Class C (NASDAQ:Z), Quanta Services Inc (NYSE:PWR), and Acadia Healthcare Company Inc (NASDAQ:ACHC) to gather more data points.
To the average investor there are several gauges investors use to assess publicly traded companies. A pair of the most under-the-radar gauges are hedge fund and insider trading interest. Our experts have shown that, historically, those who follow the best picks of the elite money managers can outclass their index-focused peers by a significant margin (see the details here).
With all of this in mind, we’re going to take a look at the new action regarding Michaels Companies Inc (NASDAQ:MIK).
How have hedgies been trading Michaels Companies Inc (NASDAQ:MIK)?
Heading into Q4, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 31% from one quarter earlier. With hedgies’ capital changing hands, there exists a few notable hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Highfields Capital Management, managed by Jonathon Jacobson, holds the largest position in Michaels Companies Inc (NASDAQ:MIK). Highfields Capital Management has a $146.1 million position in the stock, comprising 1.3% of its 13F portfolio. The second largest stake is held by Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, which holds a $26.5 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Other professional money managers that are bullish comprise Alexander Mitchell’s Scopus Asset Management, Shashin Shah’s Think Investments and Jim Simons’ Renaissance Technologies.