Does Harman International Industries Inc./DE/ (HAR) Represent A Good Investment?

Consequently, key hedge funds have been driving this bullishness. Edinburgh Partners, managed by Sandy Nairn, created the most outsized position in Harman International Industries Inc./DE/ (NYSE:HAR). Edinburgh Partners had $77.8 million invested in the company at the end of the quarter. Millennium Management also initiated a $13.2 million position during the quarter. The following funds were also among the new HAR investors: Jim Simons’s Renaissance Technologies, Steve Cohen’s Point72 Asset Management, and Peter Muller’s PDT Partners.

Let’s check out hedge fund activity in other stocks similar to Harman International Industries Inc./DE/ (NYSE:HAR). These stocks are IDEXX Laboratories, Inc. (NASDAQ:IDXX), KT Corporation (ADR) (NYSE:KT), Ashland Inc. (NYSE:ASH), and Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY). This group of stocks’ market values are closest to HAR’s market value.

As you can see these stocks had an average of 24.5 hedge funds with bullish positions and the average amount invested in these stocks was $450 million, versus $404 million in HAR’s case. Ashland Inc. (NYSE:ASH) is the most popular stock in this table. On the other hand, KT Corporation (ADR) (NYSE:KT) is the least popular one with only 9 bullish hedge fund positions. Harman International Industries Inc./DE/ (NYSE:HAR) 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 ASH might be a better candidate to consider a long position.