Is Scotts Miracle-Gro Co (SMG) A Good Stock To Buy?

Consequently, some big names were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, initiated the biggest position in Scotts Miracle-Gro Co (NYSE:SMG). Highbridge Capital Management had $7.9 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also initiated a $4.4 million position during the quarter. The other funds with brand new Scotts Miracle-Gro Co (NYSE:SMG) positions are Neil Chriss’ Hutchin Hill Capital, Ira Unschuld’s Brant Point Investment Management, and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Scotts Miracle-Gro Co (NYSE:SMG) but similarly valued. These stocks are Ultragenyx Pharmaceutical Inc (NASDAQ:RARE), Validus Holdings, Ltd. (NYSE:VR), Guidewire Software Inc (NYSE:GWRE), and Colfax Corp (NYSE:CFX). This group of stocks’ market caps matches Scotts Miracle-Gro Co (NYSE:SMG)’s market cap.

As you can see, these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $354 million. That figure was $589 million in Scotts Miracle-Gro Co (NYSE:SMG)’s case. Colfax Corp (NYSE:CFX) is the most popular stock in this table. On the other hand, Guidewire Software Inc (NYSE:GWRE) is the least popular one with only 14 bullish hedge fund positions. Scotts Miracle-Gro Co (NYSE:SMG) 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, Colfax Corp (NYSE:CFX) might be a better candidate to consider a long position.