Do Hedge Funds Love WD-40 Company (WDFC)?

As one would reasonably expect, some big names have been driving this bullishness. Magnetar Capital, led by Alec Litowitz and Ross Laser, initiated the largest position in WD-40 Company (NASDAQ:WDFC). Magnetar Capital had $0.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.2 million position during the quarter. The other funds with brand new WDFC positions are Matthew Tewksbury’s Stevens Capital Management, Mike Vranos’ Ellington, and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now review hedge fund activity in other stocks similar to WD-40 Company (NASDAQ:WDFC). We will take a look at Portfolio Recovery Associates, Inc. (NASDAQ:PRAA), Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV), Amedisys Inc (NASDAQ:AMED), and FBL Financial Group (NYSE:FFG). All of these stocks’ market caps resemble WDFC’s market cap.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $52 million. That figure was $74 million in WDFC’s case. Amedisys Inc (NASDAQ:AMED) is the most popular stock in this table. On the other hand Eaton Vance Ltd Duration Income Fund (NYSEMKT:EVV) is the least popular one with only 3 bullish hedge fund positions. WD-40 Company (NASDAQ:WDFC) 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 AMED might be a better candidate to consider taking a long position in.

Disclosure: None