In the 21st century investor’s toolkit, there are many gauges market participants can use to watch stocks. A couple of the best are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the best hedge fund managers can outperform the market by a significant margin (see just how much).
Equally as key, bullish insider trading activity is a second way to analyze the world of equities. There are plenty of reasons for a corporate insider to downsize shares of his or her company, but only one, very simple reason why they would buy. Many academic studies have demonstrated the valuable potential of this method if piggybackers know where to look (learn more here).
Furthermore, we’re going to discuss the latest info surrounding Eldorado Gold Corp (USA) (NYSE:EGO).
How have hedgies been trading Eldorado Gold Corp (USA) (NYSE:EGO)?
At the end of the second quarter, a total of 21 of the hedge funds we track were long in this stock, a change of 11% from one quarter earlier. With hedge funds’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were boosting their stakes substantially.
When using filings from the hedgies we track, First Eagle Investment Management, managed by Matt McLennan, holds the largest position in Eldorado Gold Corp (USA) (NYSE:EGO). First Eagle Investment Management has a $35.2 million position in the stock, comprising 0.1% of its 13F portfolio. On First Eagle Investment Management’s heels is Jim Simons of Renaissance Technologies, with a $11.1 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other hedgies that are bullish include Peter Franklin Palmedo’s Sun Valley Gold, Chuck Royce’s Royce & Associates and Israel Englander’s Millennium Management.
With a general bullishness amongst the titans, certain bigger names have jumped into Eldorado Gold Corp (USA) (NYSE:EGO) headfirst. First Eagle Investment Management, managed by Matt McLennan, assembled the largest position in Eldorado Gold Corp (USA) (NYSE:EGO). First Eagle Investment Management had 35.2 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also made a $11.1 million investment in the stock during the quarter. The other funds with brand new EGO positions are Peter Franklin Palmedo’s Sun Valley Gold, Chuck Royce’s Royce & Associates, and Israel Englander’s Millennium Management.
How have insiders been trading Eldorado Gold Corp (USA) (NYSE:EGO)?
Bullish insider trading is at its handiest when the company we’re looking at has experienced transactions within the past six months. Over the latest six-month time frame, Eldorado Gold Corp (USA) (NYSE:EGO) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).
We’ll also take a look at the relationship between both of these indicators in other stocks similar to Eldorado Gold Corp (USA) (NYSE:EGO). These stocks are Gold Fields Limited (ADR) (NYSE:GFI), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), Franco-Nevada Corporation (NYSE:FNV), Compania de Minas Buenaventura SA (ADR) (NYSE:BVN), and Agnico-Eagle Mines Limited (USA) (NYSE:AEM). This group of stocks belong to the gold industry and their market caps resemble EGO’s market cap.