Is Pan American Silver Corp. (USA) (PAAS) Going to Burn These Hedge Funds?

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Pan American Silver Corp. (USA) (NASDAQ:PAAS) was in 13 hedge funds’ portfolio at the end of March. PAAS has seen a decrease in support from the world’s most elite money managers lately. There were 16 hedge funds in our database with PAAS holdings at the end of the previous quarter.

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Now, let’s take a gander at the key action encompassing Pan American Silver Corp. (USA) (NASDAQ:PAAS).

What have hedge funds been doing with Pan American Silver Corp. (USA) (NASDAQ:PAAS)?

In preparation for this quarter, a total of 13 of the hedge funds we track were bullish in this stock, a change of -19% from the first quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings significantly.

Pan American Silver Corp. (USA) (NASDAQ:PAAS)Of the funds we track, Chuck Royce’s Royce & Associates had the biggest position in Pan American Silver Corp. (USA) (NASDAQ:PAAS), worth close to $163.8 million, comprising 0.5% of its total 13F portfolio. The second largest stake is held by Dreman Value Management, managed by David Dreman, which held a $22.8 million position; 0.6% of its 13F portfolio is allocated to the stock. Other hedge funds with similar optimism include Clint Carlson’s Carlson Capital, Eric Sprott’s Sprott Asset Management and Jim Simons’s Renaissance Technologies.

Due to the fact that Pan American Silver Corp. (USA) (NASDAQ:PAAS) has faced bearish sentiment from the smart money, it’s safe to say that there were a few hedgies that decided to sell off their entire stakes in Q1. At the top of the heap, Israel Englander’s Millennium Management dumped the biggest investment of all the hedgies we track, worth close to $4 million in stock.. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also sold off its stock, about $3.1 million worth. These transactions are important to note, as total hedge fund interest dropped by 3 funds in Q1.

Insider trading activity in Pan American Silver Corp. (USA) (NASDAQ:PAAS)

Insider purchases made by high-level executives is best served when the primary stock in question has seen transactions within the past 180 days. Over the latest 180-day time period, Pan American Silver Corp. (USA) (NASDAQ:PAAS) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s also review hedge fund and insider activity in other stocks similar to Pan American Silver Corp. (USA) (NASDAQ:PAAS). These stocks are Silvercorp Metals Inc. (USA) (NYSE:SVM), Silver Standard Resources Inc. (USA) (NASDAQ:SSRI), Hecla Mining Company (NYSE:HL), First Majestic Silver Corp (NYSE:AG), and Coeur d’Alene Mines Corporation (NYSE:CDE). This group of stocks are in the silver industry and their market caps are closest to PAAS’s market cap.

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