Goldcorp Inc. (GG) Stake Reduced by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. lowered its stake in Goldcorp Inc. (NYSE:GG) (TSE:G) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,414 shares of the basic materials company’s stock after selling 2,175 shares during the period. Pinnacle Associates Ltd.’s holdings in Goldcorp were worth $254,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of GG. M&R Capital Management Inc. raised its position in shares of Goldcorp by 10.2% in the fourth quarter. M&R Capital Management Inc. now owns 7,595 shares of the basic materials company’s stock valued at $103,000 after buying an additional 700 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Goldcorp by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 9,358 shares of the basic materials company’s stock valued at $137,000 after buying an additional 1,037 shares during the last quarter. Fore Research & Management LP bought a new position in shares of Goldcorp during the fourth quarter valued at $136,000. GSA Capital Partners LLP bought a new position in shares of Goldcorp during the fourth quarter valued at $137,000. Finally, Fort Pitt Capital Group LLC bought a new position in shares of Goldcorp during the fourth quarter valued at $139,000. Institutional investors own 57.76% of the company’s stock.
Shares of Goldcorp Inc. (NYSE:GG) traded up 1.25% during trading on Friday, hitting $13.72. 5,218,257 shares of the company traded hands. The stock has a market cap of $11.74 billion, a price-to-earnings ratio of 46.99 and a beta of 0.12. Goldcorp Inc. has a one year low of $11.91 and a one year high of $20.38. The firm has a 50 day moving average price of $14.31 and a 200-day moving average price of $14.64.
Goldcorp (NYSE:GG) last released its earnings results on Wednesday, April 26th. The basic materials company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.11. The business had revenue of $882 million for the quarter, compared to the consensus estimate of $929.91 million. Goldcorp had a negative net margin of 114.28% and a positive return on equity of 0.24%. During the same period last year, the firm posted $0.10 earnings per share. Analysts predict that Goldcorp Inc. will post $0.36 EPS for the current year.
Several research analysts have weighed in on the stock. Royal Bank of Canada set a $17.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a research report on Wednesday. Jefferies Group LLC set a $15.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a research report on Friday, May 19th. Berenberg Bank set a $17.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a research report on Thursday, February 16th. Zacks Investment Research upgraded shares of Goldcorp from a “sell” rating to a “hold” rating in a research report on Tuesday, March 14th. Finally, TheStreet upgraded shares of Goldcorp from a “d+” rating to a “c-” rating in a research report on Friday, February 17th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $18.04.
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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