Dallas, Texas 08/28/2013 (Financialstrend) – It was observed in the recent days that there had been decreased trading activity from the hedge fund managers on the stock of Kinross Gold Corporation (USA) (NYSE:KGC). By the end of second quarter, there were around 22 hedge funds which were having long positions in the stock and was observed to be a decline of 19 percent from the previous quarter. Further, it was noted that First Eagle Investment Management had been holding the largest position in this stock of gold mining firm with shares worth $317 million occupying 1 percent of its total fund portfolio.
Few other hedge funds which had long position in this stock of Kinross Gold Corporation (USA) (NYSE:KGC) include Third Avenue Management, Sun Valley Gold, HBK Investments and Citadel Investment Group. However, the stock had been facing bearish sentiment from some of the hedge fund managers such as Vinik Asset Management which had cut down its position by stock worth $68.5 million in this company. In addition, East Peak Partners had also sold off shares worth $4 million of this stock. All these hedge fund sales prove to ascertain that the stock had been presenting negative sentiments from investors in the markets.
Kinross Gold Corporation (USA) (NYSE:KGC) had dipped on Tuesday to close at $5.64 per share and had thereby presented loss of 4.41% over the previous close. The intraday price movements of the stock had been in the range of $5.62 to $6.12 per share and the 52 week price levels are at low of $4.53 and high of $11.19 per share. The stock, on Tuesday, had presented trading volume of 19.75 million shares and the average level is at 12.05 million shares per day. There are 1.14 billion shares of the stock being traded in the markets and the institutional ownership is at 75%.