| Renaissance Technologies Increases Its Stake in Coeur Mining | |
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Renaissance Technologies' Exposure to Coeur Mining Renaissance Technologies increases its stake in Coeur Mining
In 1Q15, around 23 hedge funds created a new position in Coeur Mining (CDE). Over 52 hedge funds added to their position in Coeur Mining—including Renaissance Technologies. The performance of silver mining stocks is impacted by the fluctuation in silver and gold prices. Stocks that are generally impacted by this fluctuation in prices are Newmont Mining (NEM), Hecla Mining (HL), and Pan American Silver (PAAS). These stocks account for 9.92% of the Market Vectors Gold Miners ETF (GDX).
Coeur Mining’s AISC (all-in sustaining cost) is benefiting from favorable foreign exchange movements. The Mexican peso depreciation and the fall in crude oil prices led to an improvement in its cost structure. Gold and silver prices are inversely related to the interest rate hike. If the Fed increases its rate in the next quarter, it will create a headwind for Coeur Mining because gold and silver prices will fall.
Hedge funds holding
It’s noted from aggregated 13F data, among the funds that added Coeur Mining to their portfolio in 1Q15 in terms of dollar value invested, Renaissance Technologies was ranked 11th. Van Eck Associates, Donald Smith & Company, Vanguard Group, and State Street occupied the first four slots, respectively.
In this series, we’ll take a look at Coeur Mining’s performance over the last quarter in order to better understand its current and longer-term drivers. We’ll also examine how the payoff has been on this position YTD (year-to-date). We’ll benchmark the stock’s performance against other modes of gaining exposure in the gold and silver mining sector.
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Coeur d'Alene Mines Corporation
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PRODUCER |
CODE : CDE |
ISIN : US1921085049 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Coeur d'Alène is a silver and gold producing company based in United states of america. Coeur d'Alène produces silver, gold, copper, lead and zinc in Argentina, in Australia, in Bolivia, in Mexico and in USA, develops gold and silver in Argentina and in Bolivia, and holds various exploration projects in Mexico. Its main assets in production are ROCHESTER MINE - NEVADA PACKARD in USA, ENDEAVOR and BROKEN HILL in Australia, PALMAREJO in Mexico, MARTHA MINE in Argentina and SAN BARTOLOME in Bolivia, its main assets in development are ROCHESTER and KENSINGTON in Bolivia and JOAQUIN in Argentina and its main exploration properties are KENSINGTON/JUALIN in Argentina, LAKE VICTORIA GOLD BELT in Tanzania and EL REALITO, GUADALUPE and LA PATRIA in Mexico. Coeur d'Alène is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 849.3 millions as of today (€ 793.4 millions). Its stock quote reached its highest recent level on November 21, 1997 at US$ 99.38, and its lowest recent point on January 22, 2016 at US$ 1.62. Coeur d'Alène has 185 442 526 shares outstanding. |