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

Insider Monkey has processed numerous 13F filings of hedge funds and famous investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds and investors’ positions as of the end of the third quarter. You can find write-ups about an individual hedge fund’s trades on several financial news websites. However, in this article we will take a look at their collective moves and analyze what the smart money thinks of Kinross Gold Corporation (USA) (NYSE:KGC) based on that data.

Is Kinross Gold Corporation (USA) (NYSE:KGC) a bargain? The smart money is becoming less hopeful. The number of long hedge fund positions were cut by 5 recently. At the end of this article we will also compare KGC to other stocks including Jacobs Engineering Group Inc (NYSE:JEC), The Ultimate Software Group, Inc. (NASDAQ:ULTI), and Apollo Global Management LLC (NYSE:APO) to get a better sense of its popularity.

Follow Kinross Gold Corp (NYSE:KGC)

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With all of this in mind, let’s check out the recent action encompassing Kinross Gold Corporation (USA) (NYSE:KGC).

Hedge fund activity in Kinross Gold Corporation (USA) (NYSE:KGC)

At the end of the third quarter, a total of 26 of the hedge funds tracked by Insider Monkey were bullish on this stock, a decline of 16% from one quarter earlier. With hedgies’ sentiment swirling, there exists a select group of notable hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Crispin Odey’s Odey Asset Management Group has the most valuable position in Kinross Gold Corporation (USA) (NYSE:KGC), worth close to $151.4 million, comprising 10.9% of its total 13F portfolio. On Odey Asset Management Group’s heels is Jim Simons of Renaissance Technologies, with a $143.2 million position. Other professional money managers that are bullish include Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Cliff Asness’ AQR Capital Management and David Iben’s Kopernik Global Investors.