Now, some big names were breaking ground themselves. Millennium Management, managed by Israel Englander, created the largest position in MGE Energy, Inc. (NASDAQ:MGEE). Millennium Management had $3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $1 million investment in the stock during the quarter. The only other fund with a new position in the stock is John Overdeck and David Siegel’s Two Sigma Advisors.
Let’s check out hedge fund activity in other stocks similar to MGE Energy, Inc. (NASDAQ:MGEE). These stocks are Simmons First National Corporation (NASDAQ:SFNC), Select Medical Holdings Corporation (NYSE:SEM), Prothena Corporation PLC (NASDAQ:PRTA), and Third Point Reinsurance Ltd (NYSE:TPRE). This group of stocks’ market caps are closest to MGEE’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 15.25 hedge funds with bullish positions and the average amount invested in these stocks was $207 million. That figure was $18 million in MGEE’s case. Select Medical Holdings Corporation (NYSE:SEM) is the most popular stock in this table. On the other hand Simmons First National Corporation (NASDAQ:SFNC) is the least popular one with only 5 bullish hedge fund positions. MGE Energy, Inc. (NASDAQ:MGEE) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SEM might be a better candidate to consider a long position.