Brokers Offer Predictions for Goldcorp Inc.’s Q3 2016 Earnings (GG)
Goldcorp Inc. (NYSE:GG) – National Bank Financial reduced their Q3 2016 earnings estimates for shares of Goldcorp in a research report issued to clients and investors on Wednesday. National Bank Financial analyst S. Parsons now expects that the brokerage will post earnings of $0.04 per share for the quarter, down from their previous forecast of $0.07. National Bank Financial has a “Outperform” rating on the stock. National Bank Financial also issued estimates for Goldcorp’s FY2016 earnings at $0.18 EPS and FY2017 earnings at $0.35 EPS.
A number of other analysts also recently issued reports on the company. BMO Capital Markets reissued a “buy” rating and issued a $23.00 target price on shares of Goldcorp in a research report on Thursday, July 28th. HSBC reissued a “buy” rating on shares of Goldcorp in a research report on Thursday, July 7th. Deutsche Bank AG raised Goldcorp from a “sell” rating to a “hold” rating and raised their target price for the stock from $15.00 to $16.00 in a research report on Monday, October 3rd. Vetr downgraded Goldcorp from a “strong-buy” rating to a “sell” rating and set a $19.34 target price for the company. in a research report on Tuesday, July 5th. Finally, Morgan Stanley assumed coverage on Goldcorp in a report on Tuesday, August 9th. They issued an “overweight” rating and a $22.00 price target for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.59.
Goldcorp (NYSE:GG) opened at 14.31 on Friday. The firm has a 50-day moving average price of $15.67 and a 200-day moving average price of $17.42. Goldcorp has a one year low of $9.46 and a one year high of $20.38. The firm’s market cap is $12.21 billion.
Goldcorp (NYSE:GG) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by $0.12. Goldcorp had a negative return on equity of 0.71% and a negative net margin of 115.33%. The business had revenue of $921 million for the quarter, compared to analyst estimates of $882.55 million. During the same period last year, the firm posted $0.08 EPS. Goldcorp’s quarterly revenue was down 30.1% on a year-over-year basis.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in Goldcorp by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,779 shares of the company’s stock valued at $130,000 after buying an additional 496 shares in the last quarter. Smith Affiliated Capital Corp. increased its position in Goldcorp by 95.7% in the second quarter. Smith Affiliated Capital Corp. now owns 6,900 shares of the company’s stock valued at $132,000 after buying an additional 3,374 shares in the last quarter. M&R Capital Management Inc. bought a new position in Goldcorp during the second quarter valued at approximately $137,000. MSI Financial Services Inc increased its position in Goldcorp by 9.6% in the third quarter. MSI Financial Services Inc now owns 8,596 shares of the company’s stock valued at $142,000 after buying an additional 750 shares in the last quarter. Finally, Seven Eight Capital LLC bought a new position in Goldcorp during the second quarter valued at approximately $176,000. Hedge funds and other institutional investors own 60.40% of the company’s stock.
Goldcorp Company Profile
Goldcorp Inc is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s segments include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito SA de C.V.
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