Due to the fact that Kinross Gold Corporation (USA) (NYSE:KGC) has faced declining sentiment from the entirety of the hedge funds we track, we can see that there were a few money managers who sold off their full holdings in the third quarter. Interestingly, Jean-Marie Eveillard’s First Eagle Investment Management cut the biggest investment of the “upper crust” of funds monitored by Insider Monkey, totaling about $18.1 million in stock, and Louis Bacon’s Moore Global Investments was right behind this move, as the fund cut about $12.9 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest dropped by 5 funds in the third quarter.
Let’s now review hedge fund activity in other stocks similar to Kinross Gold Corporation (USA) (NYSE:KGC). These stocks are Jacobs Engineering Group Inc (NYSE:JEC), The Ultimate Software Group, Inc. (NASDAQ:ULTI), Apollo Global Management LLC (NYSE:APO), and FMC Technologies, Inc. (NYSE:FTI). This group of stocks’ market values are closest to KGC’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| JEC | 17 | 147916 | -1 |
| ULTI | 18 | 155448 | 3 |
| APO | 21 | 272595 | 3 |
| FTI | 42 | 1021252 | 5 |
As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $399 million. That figure was $634 million in KGC’s case. FMC Technologies, Inc. (NYSE:FTI) is the most popular stock in this table. On the other hand Jacobs Engineering Group Inc (NYSE:JEC) is the least popular one with only 17 bullish hedge fund positions. Kinross Gold Corporation (USA) (NYSE:KGC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FTI might be a better candidate to consider a long position.
Disclosure: None
