The markets lost steam on Tuesday following the IMF’s bleak report on the world’s economic future and investors’ anxiety over earnings reports. However, some important stocks rose to their new 52-week highs. They included Coeur Mining Inc (NYSE:CDE), Duke Realty Corp (NYSE:DRE), Louisiana-Pacific Corporation (NYSE:LPX), Northrop Grumman Corporation (NYSE:NOC) and Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR).
The 52-week high is an important metric used by investors to evaluate a stock and its overall potential. A stock transcending its 52-week peak shows potential to continue moving in a favorable direction as it breaks through technical barriers. With that in mind, let’s find out the details of this important stock activity in the above-mentioned equities and analyze hedge fund sentiment towards each of these companies.
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Coeur Mining’s Stock Rises to $13.99
Coeur Mining Inc (NYSE:CDE) reached a 52-week high on Tuesday, touching $13.99. However, shares of the Chicago-based gold and silver miner have tumbled by 6% today as those commodities that it mines have depreciated in value on growing expectation that the Fed will hike interest rates before the end of the year. A total of 17 hedge funds in our database were bullish on Coeur Mining Inc (NYSE:CDE) at the end of the first quarter. Thomas E. Claugus’ GMT Capital owns more than 5.27 million shares of the company.
Barclays Ups Price Target for Duke Realty
Duke Realty Corp (NYSE:DRE)’s stock rose to new highs after Barclays increased its price target on the company to $27 from $25 in a note to investors. The firm has an ‘Equal Weight’ rating on the real estate company’s shares. Earlier this month, Citigroup also increased its price target on Duke Realty to $27, up from $21, while maintaining a ‘Neutral’ rating on the stock. Israel Englander’s Millennium Management is one of 12 hedge funds tracked by us which had stakes in Duke Realty Corp (NYSE:DRE) as of the end of March. Shares are up marginally today but having reached yesterday’s high of $27.58.
We continue our discussion on the next page with three more stocks that hit 52-week highs yesterday.