Is WEC Energy Group Inc (WEC) A Good Stock To Buy Right Now?

As industrywide interest jumped, key hedge funds have been driving this bullishness. Renaissance Technologies, managed by Jim Simons, initiated the most outsized position in WEC Energy Group Inc (NYSE:WEC). Renaissance Technologies had $23.9 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also initiated a $6.7 million position during the quarter. The following funds were also among the new WEC investors: David Harding’s Winton Capital Management, David Costen Haley’s HBK Investments, and Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital.

Let’s check out hedge fund activity in other stocks similar to WEC Energy Group Inc (NYSE:WEC). These stocks are SunTrust Banks, Inc. (NYSE:STI), Campbell Soup Company (NYSE:CPB), TE Connectivity Ltd. (NYSE:TEL), and Boston Properties, Inc. (NYSE:BXP). This group of stocks’ market valuations are similar to WEC’s market valuation.

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 $564 million. That figure was $102 million in WEC’s case. SunTrust Banks, Inc. (NYSE:STI) is the most popular stock in this table. On the other hand Boston Properties, Inc. (NYSE:BXP) is the least popular one with only 17 bullish hedge fund positions. WEC Energy Group Inc (NYSE:WEC) 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 STI might be a better candidate to consider a long position.