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Hedge Funds Are Buying Coeur Mining Inc (CDE)

With a general bullishness amongst the heavyweights, specific money managers were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, established the biggest position in Coeur Mining Inc (NYSE:CDE). According to its latest 13F filing, the fund had $1.6 million invested in the company at the end of the quarter. Peter Franklin Palmedo’s Sun Valley Gold also initiated a $0.6 million position during the quarter. The following funds were also among the new CDE investors: Paul Tudor Jones’s Tudor Investment Corp, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Matthew Tewksbury’s Stevens Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Coeur Mining Inc (NYSE:CDE). We will take a look at Blue Nile Inc (NASDAQ:NILE), Easterly Government Properties Inc (NYSE:DEA), Middlesex Water Company (NASDAQ:MSEX), and Bellicum Pharmaceuticals Inc (NASDAQ:BLCM). This group of stocks’ market values are similar to CDE’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NILE 15 68233 4
DEA 7 20804 -1
MSEX 7 11020 1
BLCM 15 117063 0

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $54 million. That figure was just $32 million in CDE’s case. Blue Nile Inc (NASDAQ:NILE) and Bellicum Pharmaceuticals Inc (NASDAQ:BLCM) lead the pack, while Easterly Government Properties Inc (NYSE:DEA) and Easterly Government Properties Inc (NYSE:DEA) are at the other end of the specter with only 7 bullish hedge fund positions each. Compared to these stocks Coeur Mining Inc (NYSE:CDE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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