Boston, MA 12/17/2013 (wallstreetpr) – Barrick Gold Corporation (USA) (NYSE:ABX) is a mining company involved in the production of gold, copper and related products. The market assigns a value of $19.86 billion to the company.
The company operates numerous mining projects in different countries, but it has also been trying to recoil from some operations. This exit is mainly seen in high-cost projects so as to allow it focus on low-cost and high margin projects.
While mining industry is generally facing troubles of poor prices and declining demand, hedge funds can be seen being bullish in Barrick Gold Corporation (USA) (NYSE:ABX). It is important to tract hedge funds as they help everyday investors understand the future of a stock. While hedge funds are never right all the time, investors who follow their top picks have often outperformed the market by significant margins.
Hedge funds
At the end of the third quarter, there were 41 hedge funds betting on the stock. This is an increase from 36 hedge funds in the previous quarter. If hedge funds are right, then their bullish activity in Barrick Gold Corporation (USA) (NYSE:ABX) should be a wake up call for the everyday investors.
Most hedge funds don’t invest in short positions, so this being the case, it can be said that ABX is a healthy stock going forward.
According to the recent disclosure, there are notable hedge funds with huge position in ABX. Jonathon Jacobson’s Highfields Capital Management holds the most valuable position in Barrick Gold Corporation (USA) (NYSE:ABX), valued at $243 million and the stock comprises 1.9 percent of its portfolio.
Empyrean Capital Partners by Michael A. Price and Amos Meron is the second largest institutional investors in ABX with about $209 million investment in the stock. This comprises 4.9 percent of its total portfolio.
Various other hedge funds have been increasing their position in the stock and they include SAC Capital Advisors by Steven Cohen which created the most outsized position in Barrick Gold Corporation (USA) (NYSE:ABX) by adding about 29 million shares of the stock to its portfolio.
