One High-Flying Gold and Silver Producer and Two Other Companies Witness Insider Buying

Strong-Performing Gold and Silver Producer Had Chairman Buy Shares Last Week

Coeur Mining Inc. (NYSE:CDE) had one of its most informed insiders buy some shares last week. Robert E. Mellor, Non-Executive Chairman, snapped up 2,000 shares on Friday at a cost of $7.84 per share, which lifted his ownership to 101,354 shares. Mr. Mellor bought an additional 2,000 shares in early March for $4.69 each.

The shares of the gold and silver producer have embarked on a steady uptrend since late January, gaining a whopping 226% since the beginning of the year. Numerous insiders at Coeur Mining, including Mr. Mellor, were buying shares throughout 2015, which makes us believe they knew Mr. Market didn’t value their company’s underlying potential appropriately. Coeur Mining’s stock performance has been mainly boosted by surging silver prices, which increased from a 52-week low of $13.71 per ounce reached in December to nearly $18 per ounce. Coeur Mining, which operates mines located in the United States, Mexico, and Bolivia and has exploration projects in Mexico and Argentina, produced 3.4 million ounces of silver and 78,072 ounces of gold during the first quarter of this year, but gold contributed to 64% of the company’s overall sales. The company’s metal sales for the first quarter decreased 3% year-on-year due to lower average realized silver and gold prices, as well as lower silver ounces sold. Meanwhile, Coeur Mining’s net loss narrowed down year-on-year, with the net loss figure decreasing to $20.4 million in the first quarter of 2016 from $33.3 million registered a year ago.

There were a total of 14 hedge funds tracked by Insider Monkey with stakes in the gold and silver producer at the end of December, which amassed approximately 13% of the company’s outstanding common stock. Himanshu H. Shah’s Shah Capital Management reported ownership of 3.12 million shares in Coeur Mining Inc. (NYSE:CDE) through the latest round of 13Fs.