Westmoreland Coal Company (NASDAQ:WLB) was in 5 hedge funds’ portfolio at the end of the first quarter of 2013. WLB has seen an increase in enthusiasm from smart money recently. There were 4 hedge funds in our database with WLB positions at the end of the previous quarter.
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Keeping this in mind, it’s important to take a gander at the latest action encompassing Westmoreland Coal Company (NASDAQ:WLB).
How are hedge funds trading Westmoreland Coal Company (NASDAQ:WLB)?
At the end of the first quarter, a total of 5 of the hedge funds we track were long in this stock, a change of 25% from the previous quarter. With hedge funds’ capital changing hands, there exists a few notable hedge fund managers who were upping their stakes meaningfully.
Of the funds we track, Jeffrey Gendell’s Tontine Asset Management had the largest position in Westmoreland Coal Company (NASDAQ:WLB), worth close to $24.1 million, accounting for 4.2% of its total 13F portfolio. Coming in second is Wynnefield Capital, managed by Nelson Obus, which held a $4.4 million position; 1.5% of its 13F portfolio is allocated to the stock. Some other peers with similar optimism include Jay Petschek and Steven Major’s Corsair Capital Management, Jim Simons’s Renaissance Technologies and Matthew Hulsizer’s PEAK6 Capital Management.
As industrywide interest jumped, key money managers were breaking ground themselves. PEAK6 Capital Management, managed by Matthew Hulsizer, initiated the most outsized call position in Westmoreland Coal Company (NASDAQ:WLB). PEAK6 Capital Management had 0.1 million invested in the company at the end of the quarter.
What do corporate executives and insiders think about Westmoreland Coal Company (NASDAQ:WLB)?
Insider trading activity, especially when it’s bullish, is at its handiest when the company in question has experienced transactions within the past half-year. Over the latest 180-day time period, Westmoreland Coal Company (NASDAQ:WLB) has experienced 1 unique insiders buying, and 1 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Westmoreland Coal Company (NASDAQ:WLB). These stocks are Mountain Province Diamonds, Inc. (NYSEAMEX:MDM), L&L Energy, Inc. (NASDAQ:LLEN), Rhino Resource Partners, L.P. (NYSE:RNO), Alexco Resource Corp. (USA) (NYSEAMEX:AXU), and Hallador Energy Co (NASDAQ:HNRG). This group of stocks are the members of the nonmetallic mineral mining industry and their market caps are closest to WLB’s market cap.