Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Weiss Asset Management Cuts the Holding in North American Palladium Ltd (USA) (PAL)

Weiss Asset Management, a hedge fund run by Andrew Weiss, has cut significantly its exposure to North American Palladium Ltd (USA) (NYSEMKT:PAL). A newly amended SEC filing showed that the fund currently owns almost 9.6 million shares, down from over 17.2 million held at the end of September and revealed in the latest 13F filing. The stake currently held by Weiss amasses 4.87% of the company’s common stock.

North American Palladium

North American Palladium Ltd (USA) (NYSEMKT:PAL) is a company specialized in production of precious metals. Its stock dropped by more than 68% since the beginning of the year, trailing a forward P/E of 37.3. The analysts expect the company to double its EPS during the next year. For the third quarter, North American Palladium Ltd (USA) (NYSEMKT:PAL) had a revenue of $33.3 million, down from $36.2 million a year ago. The company managed to narrow its net loss to $5.3 million, from $8.0 million in the third quarter of last year. For the first nine months of 2013, the net loss of the company amounted to $34.4 million.

While Weiss, even after the decline, remains a shareholder with a significant stake in North American Palladium Ltd (USA) (NYSEMKT:PAL), other hedge funds from our database disclosed smaller holdings in the latest round of 13F filings. As follows, Citadel Investment Group, managed by Ken Griffin, revealed a long position which amasses some 46,800 shares, with a value of $45,000. In addition, Citadel also holds in aggregate 120,200 shares under “Call” and “Put” options. Israel Englander’s Millennium Management added the company to its equity portfolio during the third quarter, disclosing a $31,000 stake, which amasses 32,400 shares.

North American Palladium Ltd (USA) (NYSEMKT:PAL) was the third-largest position in the equity portfolio of Weiss Asset Management, at the end of September. On the first place is situated Omnicare, Inc. (NYSE:OCR), in which the fund revealed a $26.9 million position, which amasses 393,600 shares. It is followed by Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), in which the fund owns some 1.4 million shares, worth $23.7 million.

Disclosure: none

Recommended Reading:

Prime Capital Management Initiates Position in Post-IPO Ltd (WBAI)

Stephen Feinberg Sells Out Position in Tower International Inc (TOWR)

Mark Nordlicht, Platinum Management Increase Holding of Echo Therapeutics Inc (ECTE)

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!