As one would reasonably expect, key money managers have been driving this bullishness. OZ Management established the most outsized position in The J.M. Smucker Company (NYSE:SJM). OZ Management had $314.9 million invested in the company at the end of the quarter. Robert Pohly’s Samlyn Capital also initiated a $55.1 million position during the quarter. The following funds were also among the new SJM investors: Jim Simons’ Renaissance Technologies, Dmitry Balyasny’s Balyasny Asset Management, and David Harding’s Winton Capital Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as The J.M. Smucker Company (NYSE:SJM) but similarly valued. We will take a look at Rockwell Automation (NYSE:ROK), Seagate Technology PLC (NASDAQ:STX), Molson Coors Brewing Company (NYSE:TAP), and Nordstrom, Inc. (NYSE:JWN). This group of stocks’ market values are similar to SJM’s market value.
|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 43 hedge funds with bullish positions and the average amount invested in these stocks was $1.24 billion. That figure was $1.58 billion in SJM’s case. Molson Coors Brewing Company (NYSE:TAP) is the most popular stock in this table. On the other hand Seagate Technology PLC (NASDAQ:STX) is the least popular one with only 31 bullish hedge fund positions. The J.M. Smucker Company (NYSE:SJM) 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 TAP might be a better candidate to consider a long position.