Hedge Funds Aren’t Crazy About Kinross Gold Corporation (USA) (KGC) Anymore

Page 2 of 2

Due to the fact that Kinross Gold Corporation (USA) (NYSE:KGC) has experienced a declination in interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedgies that elected to cut their entire stakes in the third quarter. At the top of the heap, Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners sold off the biggest investment of the 700 funds monitored by Insider Monkey, valued at close to $0.3 million in call options. Bart Baum’s fund, Ionic Capital Management, also dropped its call options, about $0.1 million worth. These transactions are important to note, as total hedge fund interest was cut by 2 funds in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Kinross Gold Corporation (USA) (NYSE:KGC). We will take a look at Hilltop Holdings Inc. (NYSE:HTH), Barnes Group Inc. (NYSE:B), Globus Medical Inc (NYSE:GMED), and Terex Corporation (NYSE:TEX). This group of stocks’ market valuations are similar to KGC’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
HTH 19 49050 -2
B 13 57419 -6
GMED 23 85088 3
TEX 23 255876 -5

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $112 million. That figure was $148 million in KGC’s case. Terex Corporation (NYSE:TEX) and Globus Medical Inc (NYSE:GMED) are leading the popularity contest, while Barnes Group Inc. (NYSE:B) is the laggard with only 13 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. Although this is a slightly positive signal, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard GMED might be a better candidate to consider a long position.

Page 2 of 2