Citigroup Inc. Reiterates “Neutral” Rating for Goldcorp Inc. (GG)
Goldcorp Inc. (NYSE:GG)‘s stock had its “neutral” rating reiterated by research analysts at Citigroup Inc. in a research report issued on Monday.
Several other brokerages have also recently weighed in on GG. Deutsche Bank AG reiterated a “sell” rating on shares of Goldcorp in a research report on Thursday, July 7th. HSBC restated a “buy” rating on shares of Goldcorp in a research report on Thursday, July 7th. Zacks Investment Research upgraded Goldcorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday, July 12th. Vetr cut 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, Jefferies Group boosted their target price on Goldcorp from $17.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Goldcorp currently has a consensus rating of “Hold” and a consensus price target of $19.59.
Shares of Goldcorp (NYSE:GG) traded up 1.12% during midday trading on Monday, hitting $14.47. The stock had a trading volume of 1,418,935 shares. The firm’s 50-day moving average price is $15.67 and its 200-day moving average price is $17.42. The stock’s market cap is $12.34 billion. Goldcorp has a 1-year low of $9.46 and a 1-year high of $20.38.
Goldcorp (NYSE:GG) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.12. The company earned $921 million during the quarter, compared to analysts’ expectations of $882.55 million. Goldcorp had a negative net margin of 115.33% and a negative return on equity of 0.71%. Goldcorp’s revenue for the quarter was down 30.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.08 earnings per share. Analysts forecast that Goldcorp will post $0.37 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised 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 worth $130,000 after buying an additional 496 shares during 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 worth $132,000 after buying an additional 3,374 shares during the period. M&R Capital Management Inc. purchased a new position in Goldcorp during the second quarter worth $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 worth $142,000 after buying an additional 750 shares during the period. Finally, Seven Eight Capital LLC purchased a new position in Goldcorp during the second quarter worth $176,000. 60.48% of the stock is owned by institutional investors and hedge funds.
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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