5 NYSE Stocks That Cruised to 52-Week Highs Yesterday

The markets lost steam on Tuesday following the IMF’s bleak report on the world’s economic future and investors’ anxiety over earnings reports. However, some important stocks rose to their new 52-week highs. They included Coeur Mining Inc (NYSE:CDE), Duke Realty Corp (NYSE:DRE), Louisiana-Pacific Corporation (NYSE:LPX), Northrop Grumman Corporation (NYSE:NOC) and Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR).

The 52-week high is an important metric used by investors to evaluate a stock and its overall potential. A stock transcending its 52-week peak shows potential to continue moving in a favorable direction as it breaks through technical barriers. With that in mind, let’s find out the details of this important stock activity in the above-mentioned equities and analyze hedge fund sentiment towards each of these companies.

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Coeur Mining’s Stock Rises to $13.99

Coeur Mining Inc (NYSE:CDE) reached a 52-week high on Tuesday, touching $13.99. However, shares of the Chicago-based gold and silver miner have tumbled by 6% today as those commodities that it mines have depreciated in value on growing expectation that the Fed will hike interest rates before the end of the year. A total of 17 hedge funds in our database were bullish on Coeur Mining Inc (NYSE:CDE) at the end of the first quarter. Thomas E. Claugus’ GMT Capital owns more than 5.27 million shares of the company.

Barclays Ups Price Target for Duke Realty

Duke Realty Corp (NYSE:DRE)’s stock rose to new highs after Barclays increased its price target on the company to $27 from $25 in a note to investors. The firm has an ‘Equal Weight’ rating on the real estate company’s shares. Earlier this month, Citigroup also increased its price target on Duke Realty to $27, up from $21, while maintaining a ‘Neutral’ rating on the stock. Israel Englander’s Millennium Management is one of 12 hedge funds tracked by us which had stakes in Duke Realty Corp (NYSE:DRE) as of the end of March. Shares are up marginally today but having reached yesterday’s high of $27.58.

We continue our discussion on the next page with three more stocks that hit 52-week highs yesterday.

Louisiana-Pacific Reaches New Highs

Louisiana-Pacific Corporation (NYSE:LPX) moved to its 52-week high yesterday and has soared further past it today, gaining 2.69% and touching $20.35. The Tennessee-based manufacturer is expected to announce its latest quarterly results on August 2. Analysts expect it to report EPS of $0.23, up from last year’s loss of $0.08 per share. A total of 24 hedge funds tracked by Insider Monkey had long positions in Louisiana-Pacific Corporation (NYSE:LPX) at the end of the first quarter. Phill Gross and Robert Atchinson’s Adage Capital Management owned 5.72 million shares of the company on March 31.

Northrop Grumman Wins NASA Contract for Mars

Northrop Grumman Corporation (NYSE:NOC) is an important player in the aerospace and defense industry whose shares are touching new highs. The Falls Church, Virginia-based company gained 1.2% on Tuesday, reaching it’s all-time high of $224.12. The company said in a statement yesterday that it has been awarded a contract by NASA to develop concepts for a potential spacecraft to orbit Mars. The stock has skyrocketed by 30.2% over the past 52 weeks. As of the end of March, 42 hedge funds in our system held approximately $2.34 billion worth of positions in Northrop Grumman Corporation (NYSE:NOC).

Petroleo Brasileiro Continues to Grow

Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR)’s stock rose to its 52-week high of $8.50 on Tuesday. Though it’s slipped today due to falling crude, the stock has still skyrocketed by 45.27% in the past month. The stock recently received a big boost after the company raised $7.5 billion in a reopened debt offering. Ken Fisher’s Fisher Asset Management owned more than 10.80 million shares of the company on June 30.

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