This article presents an overview of 5 Mining Stocks with Heavy Insider Buying in 2024. For a detailed overview of such stocks, read our article, 10 Mining Stocks with Heavy Insider Buying in 2024.
5. Black Stone Minerals LP (NYSE:BSM)
Number of Hedge Fund Investors: 7
Oil and natural gas exploration company Black Stone Minerals LP (NYSE:BSM) is one of the mining stocks with recent insider purchases in 2024. Mark Dewalch, a director at Black Stone Minerals LP’s (NYSE:BSM) board, amassed 3,250 shares of Black Stone Minerals LP (NYSE:BSM) at $15.47 per share on February 26. Since then through March 22 the stock has gained about 1.6%.
Out of the 933 funds tracked by Insider Monkey, seven hedge funds reported owning stakes in Black Stone Minerals LP (NYSE:BSM).
4. Coeur Mining, Inc (NYSE:CDE)
Number of Hedge Fund Investors: 14
Illinois-based precious metals mining company Coeur Mining, Inc (NYSE:CDE) saw insider buying activity on March 15 when Aoife McGrath, Senior Vice President, Exploration, snapped up 6,200 shares of Coeur Mining, Inc (NYSE:CDE) at $3.23 per share. Since then the stock has gained about 4,3%.
3. Warrior Met Coal, Inc (NYSE:HCC)
Number of Hedge Fund Investors: 25
Metallurgical coal mining company Warrior Met Coal, Inc (NYSE:HCC) ranks third in our list of the mining stocks with heavy insider buying in 2024. On February 23, Alan H Schumacher, one of the directors at Warrior Met Coal, Inc’s (NYSE:HCC) board, loaded up on 2,000 shares of Warrior Met Coal, Inc (NYSE:HCC) at $58.15 per share. Since then the stock has decreased by 2.36%.
As of the end of the fourth quarter of 2023, 25 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Warrior Met Coal, Inc (NYSE:HCC). The biggest stake in Warrior Met Coal, Inc (NYSE:HCC) is owned by Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors which owns a $71 million stake in Warrior Met Coal, Inc (NYSE:HCC).
O’keefe Stevens Advisory stated the following regarding Warrior Met Coal, Inc. (NYSE:HCC) in its fourth quarter 2023 investor letter:
“Warrior Met Coal, Inc. (NYSE:HCC) is the other commodity producer in the portfolio, and what a year 2023 was. It’s startling how two companies (EAF and HCC) having the same end market (steel)(EAF – electric arc furnace production)(HCC – blast oxygen furnace) could see their product prices and demand drivers move in opposite directions. If anything, the continued switch toward electric arc furnaces suggested that Graftech had more tailwinds over the past several years. Yet the business performance has been just the opposite. These investments take up substantial time and continually search for reasons why the stocks move lower daily, but also a mental drain; watching a stock move lower and lower wears one down over time.”
2. Cleveland-Cliffs Inc (NYSE:CLF)
Number of Hedge Fund Investors: 39
In addition to being a dominant player in the flat-rolled steel industry, Cleveland-Cliffs Inc (NYSE:CLF) also owns multiple iron ore mines in Minnesota and Michigan. On February 1, 2024, Ron A.Bloom, a director at Cleveland-Cliffs Inc’s (NYSE:CLF) board, bought 25,000 shares of Cleveland-Cliffs Inc (NYSE:CLF) at $20.24 per share. Since February 1 through March 22 the stock has increased by about 5.15%.
As of the end of the fourth quarter of 2023, 39 out of the 933 funds tracked by Insider Monkey had stakes in Cleveland-Cliffs Inc (NYSE:CLF). The biggest stake in Cleveland-Cliffs Inc (NYSE:CLF) belongs to David Greenspan’s Slate Path Capital which owns a $142 million stake in Cleveland-Cliffs Inc (NYSE:CLF).
1. Arch Resources Inc (NYSE:ARCH)
Number of Hedge Fund Investors: 44
Missouri-based coal mining and processing company Arch Resources Inc (NYSE:ARCH) ranks first in our list of the top mining stocks with recent insider purchases in 2024 because it has the highest number of hedge fund investors among the list of mining stocks that saw recent insider purchases. On March 13, Pamela R Butcher, one of the board members of Arch Resources Inc (NYSE:ARCH), bought 200 shares of Arch Resources Inc (NYSE:ARCH) at $165.00 per share. Since then through March 22 the stock has lost about 1.7% in value.
Arch Resources Inc (NYSE:ARCH) saw a spike in hedge fund sentiment in the last quarter of 2023, as 44 funds tracked by Insider Monkey reported owning stakes in Arch Resources Inc (NYSE:ARCH) at the end of the period, significantly up from 33 funds in the previous quarter.
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