Thompson Creek Metals Company Inc (USA) (NYSE:TC) has experienced a decrease in hedge fund sentiment recently.
In today’s marketplace, there are many gauges investors can use to track Mr. Market. A duo of the best are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the best investment managers can beat the market by a significant margin (see just how much).
Just as key, optimistic insider trading sentiment is a second way to parse down the marketplace. Just as you’d expect, there are a number of incentives for a corporate insider to downsize shares of his or her company, but just one, very obvious reason why they would initiate a purchase. Many empirical studies have demonstrated the impressive potential of this method if investors know where to look (learn more here).
Consequently, we’re going to take a look at the recent action encompassing Thompson Creek Metals Company Inc (USA) (NYSE:TC).
What have hedge funds been doing with Thompson Creek Metals Company Inc (USA) (NYSE:TC)?
At year’s end, a total of 10 of the hedge funds we track were bullish in this stock, a change of -23% from the third quarter. With hedge funds’ capital changing hands, there exists a select group of key hedge fund managers who were boosting their holdings meaningfully.
According to our comprehensive database, Highbridge Capital Management, managed by Glenn Russell Dubin, holds the largest position in Thompson Creek Metals Company Inc (USA) (NYSE:TC). Highbridge Capital Management has a $17 million position in the stock, comprising 0.3% of its 13F portfolio. The second largest stake is held by Angelo Gordon & Co, managed by John M. Angelo and Michael L. Gordon, which held a $10 million position; the fund has 0.9% of its 13F portfolio invested in the stock. Remaining hedgies with similar optimism include Ken Griffin’s Citadel Investment Group, Kerr Neilson’s Platinum Asset Management and Cliff Asness’s AQR Capital Management.
Since Thompson Creek Metals Company Inc (USA) (NYSE:TC) has faced a declination in interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedgies that slashed their full holdings in Q4. It’s worth mentioning that David Dreman’s Dreman Value Management said goodbye to the biggest position of the “upper crust” of funds we track, valued at about $11 million in stock., and Daniel S. Och of OZ Management was right behind this move, as the fund cut about $5 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest dropped by 3 funds in Q4.
How are insiders trading Thompson Creek Metals Company Inc (USA) (NYSE:TC)?
Insider buying is most useful when the company in focus has seen transactions within the past six months. Over the last half-year time frame, Thompson Creek Metals Company Inc (USA) (NYSE:TC) has seen 3 unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Thompson Creek Metals Company Inc (USA) (NYSE:TC). These stocks are MFC Industrial Ltd (NYSE:MIL), Denison Mines Corp (USA) (NYSEAMEX:DNN), HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), Taseko Mines Limited (USA) (NYSEAMEX:TGB), and Hi-Crush Partners LP (NYSE:HCLP). This group of stocks are in the industrial metals & minerals industry and their market caps are similar to TC’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|MFC Industrial Ltd (NYSE:MIL)||9||0||0|
|Denison Mines Corp (USA) (NYSEAMEX:DNN)||7||0||0|
|HORSEHEAD HOLDING CORP. (NASDAQ:ZINC)||10||1||0|
|Taseko Mines Limited (USA) (NYSEAMEX:TGB)||2||0||0|
|Hi-Crush Partners LP (NYSE:HCLP)||2||1||0|
With the results shown by Insider Monkey’s tactics, everyday investors should always watch hedge fund and insider trading sentiment, and Thompson Creek Metals Company Inc (USA) (NYSE:TC) is an important part of this process.
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