Should You Buy The Hain Celestial Group, Inc. (HAIN)?

With a general bullishness amongst the heavyweights, key money managers have been driving this bullishness. Millennium Management, managed by Israel Englander, created the most outsized position in The Hain Celestial Group, Inc. (NASDAQ:HAIN). Millennium Management had $41.8 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also made a $31.7 million investment in the stock during the quarter. The following funds were also among the new HAIN investors: Joel Greenblatt’s Gotham Asset Management, Neil Chriss’s Hutchin Hill Capital, and George Hall’s Clinton Group.

Let’s check out hedge fund activity in other stocks similar to The Hain Celestial Group, Inc. (NASDAQ:HAIN). We will take a look at AMC Networks Inc (NASDAQ:AMCX), Cytec Industries Inc (NYSE:CYT), Liberty Broadband Corp (NASDAQ:LBRDK), and Assurant, Inc. (NYSE:AIZ). This group of stocks’ market valuations match HAIN’s market valuation.

As you can see these stocks had an average of 26.5 hedge funds with bullish positions and the average amount invested in these stocks was $661 million. That figure was $416 million in HAIN’s case. Cytec Industries Inc (NYSE:CYT) is the most popular stock in this table. On the other hand Assurant, Inc. (NYSE:AIZ) is the least popular one with only 20 bullish hedge fund positions. The Hain Celestial Group, Inc. (NASDAQ:HAIN) 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 CYT might be a better candidate to consider a long position.