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Do you like to follow the buying trends of smart money investors?

We ran a screen with this idea in mind. We began by screening for stocks that have just hit a new 52-week high. We then screened for those with the support of institutional investors such as hedge funds, with significant net institutional purchases over the current quarter.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks will continue rising to new highs? Use this list as a starting point for your own analysis.

1. Advance Auto Parts Inc. (NYSE:AAP): Operates as a retailer of automotive aftermarket parts, accessories, batteries, and maintenance items. Net institutional purchases in the current quarter at 2.4M shares, which represents about 3.32% of the company's float of 72.32M shares.

2. Calumet Specialty Products Partners LP (NASDAQ:CLMT): Produces and sells specialty hydrocarbon products in North America. Net institutional purchases in the current quarter at 1.3M shares, which represents about 5.02% of the company's float of 25.90M shares.

3. Conns Inc. (NASDAQ:CONN): Operates as a specialty retailer of home appliances, consumer electronics, home office equipment, lawn and garden products, mattresses, and furniture in the United States. Net institutional purchases in the current quarter at 847.1K shares, which represents about 3.46% of the company's float of 24.51M shares.

4. GNC Corp. (NYSE:GNC): Operates as a specialty retailer of health and wellness products. Net institutional purchases in the current quarter at 12.9M shares, which represents about 16.14% of the company's float of 79.93M shares.

5. LululemonAthletica Inc. (NASDAQ:LULU): Engages in the design, manufacture, and distribution of athletic apparel and accessories for women, men, and female youth primarily in Canada, the United States, and Australia. Net institutional purchases in the current quarter at 6.0M shares, which represents about 6.06% of the company's float of 99.03M shares.

6. Pharmacyclics Inc. (NASDAQ:PCYC): Operates as a clinical-stage biopharmaceutical company focusing on developing and commercializing small-molecule drugs for the treatment of immune mediated disease and cancer. Net institutional purchases in the current quarter at 3.0M shares, which represents about 5.53% of the company's float of 54.25M shares.

7. Pier 1 Imports, Inc. (NYSE:PIR): Operates as an importer and specialty retailer of imported decorative home furnishings and gifts in the United States, Canada, and Mexico. Net institutional purchases in the current quarter at 6.7M shares, which represents about 7.13% of the company's float of 93.93M shares.

8. Saba Software, Inc. (OTCPK:SABA): Provides a class of people systems that combine people learning, people performance, and people collaboration solutions. Net institutional purchases in the current quarter at 1.3M shares, which represents about 4.61% of the company's float of 28.18M shares.

9. Smith & Wesson Holding Corporation (NASDAQ:SWHC): Offers metal processing services and manufactures firearms and handcuffs as well as apparel and sportsmen's articles. Net institutional purchases in the current quarter at 4.9M shares, which represents about 7.81% of the company's float of 62.72M shares.

10. Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA): Provides prestige, mass, and salon products; and salon services in the United States. Net institutional purchases in the current quarter at 1.5M shares, which represents about 3.15% of the company's float of 47.58M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 10 Stocks Hitting New Highs On Hedge Fund Buying