With a general bullishness amongst the heavyweights, specific money managers were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, established the biggest position in Coeur Mining Inc (NYSE:CDE). According to its latest 13F filing, the fund had $1.6 million invested in the company at the end of the quarter. Peter Franklin Palmedo’s Sun Valley Gold also initiated a $0.6 million position during the quarter. The following funds were also among the new CDE investors: Paul Tudor Jones’s Tudor Investment Corp, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Matthew Tewksbury’s Stevens Capital Management.
Let’s now take a look at hedge fund activity in other stocks similar to Coeur Mining Inc (NYSE:CDE). We will take a look at Blue Nile Inc (NASDAQ:NILE), Easterly Government Properties Inc (NYSE:DEA), Middlesex Water Company (NASDAQ:MSEX), and Bellicum Pharmaceuticals Inc (NASDAQ:BLCM). This group of stocks’ market values are similar to CDE’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NILE | 15 | 68233 | 4 |
| DEA | 7 | 20804 | -1 |
| MSEX | 7 | 11020 | 1 |
| BLCM | 15 | 117063 | 0 |
As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $54 million. That figure was just $32 million in CDE’s case. Blue Nile Inc (NASDAQ:NILE) and Bellicum Pharmaceuticals Inc (NASDAQ:BLCM) lead the pack, while Easterly Government Properties Inc (NYSE:DEA) and Easterly Government Properties Inc (NYSE:DEA) are at the other end of the specter with only 7 bullish hedge fund positions each. Compared to these stocks Coeur Mining Inc (NYSE:CDE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
