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The following is a list of stocks in a new uptrend, as defined by the Average Directional Index, or ADX(14) index. All of these stocks have seen significant institutional buying over the last 3 months.

To create the list, we started with a universe of stocks in an uptrend that have an ADX(14) value above +20, which signals strengthening upward momentum. We then reduced the size of this universe by only focusing on stocks that have seen institutional investors increase holdings by more than 6% over the last 3 months.

We last wrote about this screen on September 21, 2010. On that day, the screen produced 10 companies. Since then, 5 out of 10 companies mentioned in that article have outperformed the S&P 500 index (a success rate of 50.00%). The screen averaged a return of 14.76% vs. an index return of 8.83%. Click here to access a full breakdown of the screen's past performance.

ADX data sourced from Stockcharts.com, institutional data sourced from Reuters.

Interactive Chart: Press Play to compare analyst ratings for the top 5 stocks mentioned below.

The list has been sorted by the change in institutional ownership over the past three months.

1. UIL Holdings Corporation (NYSE:UIL): Electric Utilities Industry. Market cap of $1.55B. Daily ADX Line(14) at 22.211. Institutional investors currently own 33,016,688 shares vs. 13,576,841 shares held three months ago (+143.18% change). Short float at 3.57%, which implies a short ratio of 1.99 days. The stock has gained 18.24% over the last year.

2. SandRidge Energy, Inc. (NYSE:SD): Oil & Gas Drilling & Exploration Industry. Market cap of $2.3B. Daily ADX Line(14) at 21.794. Institutional investors currently own 291,048,707 shares vs. 150,869,291 shares held three months ago (+92.91% change). Short float at 10.94%, which implies a short ratio of 3.61 days. The stock has lost -24.4% over the last year.

3. Sunoco Logistics Partners L.P. (NYSE:SXL): Oil & Gas Pipelines Industry. Market cap of $2.74B. Daily ADX Line(14) at 21.285. Institutional investors currently own 12,223,802 shares vs. 10,346,545 shares held three months ago (+18.14% change). Short float at 0.41%, which implies a short ratio of 1.35 days. The stock has gained 38.11% over the last year.

4. E*TRADE Financial Corporation (NASDAQ:ETFC): Investment Brokerage Industry. Market cap of $3.53B. Daily ADX Line(14) at 20.108. Institutional investors currently own 164,789,504 shares vs. 146,308,417 shares held three months ago (+12.63% change). Short float at 3.34%, which implies a short ratio of 2.48 days. The stock has lost -0.79% over the last year.

5. comScore, Inc. (NASDAQ:SCOR): Business Services Industry. Market cap of $735.23M. Daily ADX Line(14) at 20.31. Institutional investors currently own 20,761,686 shares vs. 18,660,346 shares held three months ago (+11.26% change). Short float at 4.75%, which implies a short ratio of 7.37 days. The stock has gained 45.61% over the last year.

6. MannKind Corp. (NASDAQ:MNKD): Biotechnology Industry. Market cap of $937.02M. Daily ADX Line(14) at 20.992. Institutional investors currently own 25,744,244 shares vs. 23,505,736 shares held three months ago (+9.52% change). Short float at 24.2%, which implies a short ratio of 10.08 days. The stock has lost -3.72% over the last year.

7. LaSalle Hotel Properties (NYSE:LHO): REIT. Market cap of $1.86B. Daily ADX Line(14) at 21.029. Institutional investors currently own 78,569,737 shares vs. 73,899,695 shares held three months ago (+6.32% change). Short float at 5.65%, which implies a short ratio of 4.94 days. The stock has gained 24.8% over the last year.

8. Meredith Corp. (NYSE:MDP): Periodicals Industry. Market cap of $1.61B. Daily ADX Line(14) at 20.796. Institutional investors currently own 39,589,832 shares vs. 37,546,048 shares held three months ago (+5.44% change). Short float at 13.36%, which implies a short ratio of 11.82 days. The stock has gained 23.38% over the last year.

9. Terex Corp. (NYSE:TEX): Farm & Construction Machinery Industry. Market cap of $2.93B. Daily ADX Line(14) at 21.075. Institutional investors currently own 99,437,077 shares vs. 95,411,942 shares held three months ago (+4.22% change). Short float at 10.24%, which implies a short ratio of 5.82 days. The stock has gained 44.76% over the last year.

10. First Horizon National Corp. (NYSE:FHN): Regional Bank. Market cap of $2.5B. Daily ADX Line(14) at 20.512. Institutional investors currently own 177,663,346 shares vs. 170,751,404 shares held three months ago (+4.05% change). Short float at 13.05%, which implies a short ratio of 7.3 days. The stock has lost -23.97% over the last year.

11. Cadence Design Systems Inc. (NASDAQ:CDNS): Technical & System Software Industry. Market cap of $2.25B. Daily ADX Line(14) at 20.155. Institutional investors currently own 242,209,757 shares vs. 233,037,589 shares held three months ago (+3.94% change). Short float at 8.38%, which implies a short ratio of 6.78 days. The stock has gained 38.1% over the last year.

12. South Jersey Industries, Inc. (NYSE:SJI): Gas Utilities Industry. Market cap of $1.58B. Daily ADX Line(14) at 20.767. Institutional investors currently own 19,005,766 shares vs. 18,423,744 shares held three months ago (+3.16% change). Short float at 7.43%, which implies a short ratio of 20.25 days. The stock has gained 46.94% over the last year.

13. Ultratech, Inc. (NASDAQ:UTEK): Semiconductor Equipment & Materials Industry. Market cap of $505.98M. Daily ADX Line(14) at 21.793. Institutional investors currently own 21,321,180 shares vs. 20,809,072 shares held three months ago (+2.46% change). Short float at 2.89%, which implies a short ratio of 4.02 days. The stock has gained 40.38% over the last year.

14. Hartford Financial Services Group Inc. (NYSE:HIG): Property & Casualty Insurance Industry. Market cap of $11.44B. Daily ADX Line(14) at 20.327. Institutional investors currently own 383,994,399 shares vs. 374,967,208 shares held three months ago (+2.41% change). Short float at 3.94%, which implies a short ratio of 2.44 days. The stock has gained 8.06% over the last year.

15. Miller Industries Inc. (NYSE:MLR): Auto Parts Industry. Market cap of $177.92M. Daily ADX Line(14) at 20.604. Institutional investors currently own 8,878,659 shares vs. 8,680,942 shares held three months ago (+2.28% change). Short float at 2.86%, which implies a short ratio of 8.06 days. The stock has gained 40.15% over the last year.

16. Force Protection Inc. (NASDAQ:FRPT): Trucks & Other Vehicles Industry. Market cap of $397.67M. Daily ADX Line(14) at 20.348. Institutional investors currently own 48,480,894 shares vs. 47,480,761 shares held three months ago (+2.11% change). Short float at 3.7%, which implies a short ratio of 4.69 days. The stock has gained 4.04% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.