Is Coeur Mining Inc (CDE) A Good Stock To Buy?

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As industrywide interest jumped, some big names were leading the bulls’ herd. Adage Capital Management, managed by Phill Gross and Robert Atchinson, assembled the biggest position in Coeur Mining Inc (NYSE:CDE). Adage Capital Management had $5.9 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $3.3 million position during the quarter. The other funds with brand new CDE positions are Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital, Michael Platt and William Reeves’ BlueCrest Capital Mgmt., and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Coeur Mining Inc (NYSE:CDE) but similarly valued. These stocks are Itron, Inc. (NASDAQ:ITRI), Financial Engines Inc (NASDAQ:FNGN), Magellan Health Services Inc (NASDAQ:MGLN), and Columbia Banking System Inc (NASDAQ:COLB). This group of stocks’ market caps resemble CDE’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ITRI 19 447778 3
FNGN 13 48815 2
MGLN 19 198682 -2
COLB 6 83231 -4

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $195 million. That figure was $287 million in CDE’s case. Itron, Inc. (NASDAQ:ITRI) is the most popular stock in this table. On the other hand Columbia Banking System Inc (NASDAQ:COLB) is the least popular one with only 6 bullish hedge fund positions. 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.

Disclosure: None

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