Goldcorp Inc. (GG) Upgraded to Buy by Canaccord Genuity
Canaccord Genuity upgraded shares of Goldcorp Inc. (NYSE:GG) (TSE:G) from a hold rating to a buy rating in a research note released on Friday morning, Marketbeat.com reports. They currently have $16.90 target price on the basic materials company’s stock.
A number of other research firms have also recently commented on GG. Zacks Investment Research cut Goldcorp from a hold rating to a sell rating in a research report on Friday, July 14th. Macquarie raised shares of Goldcorp from a neutral rating to an outperform rating in a research note on Wednesday, July 12th. Morgan Stanley restated an overweight rating on shares of Goldcorp in a report on Friday, July 21st. BidaskClub upgraded shares of Goldcorp from a sell rating to a hold rating in a report on Tuesday, July 18th. Finally, TD Securities restated a buy rating on shares of Goldcorp in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $16.66.
Shares of Goldcorp (NYSE:GG) opened at 13.13 on Friday. The stock has a market cap of $11.36 billion, a price-to-earnings ratio of 24.09 and a beta of -0.07. Goldcorp has a one year low of $11.91 and a one year high of $17.87. The company has a 50 day moving average of $13.24 and a 200-day moving average of $13.71.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Thursday, September 14th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Wednesday, September 13th. Goldcorp’s dividend payout ratio (DPR) is currently 14.55%.
A number of hedge funds have recently bought and sold shares of GG. Nomura Asset Management Co. Ltd. increased its stake in Goldcorp by 55.6% during the first quarter. Nomura Asset Management Co. Ltd. now owns 8,400 shares of the basic materials company’s stock worth $123,000 after acquiring an additional 3,000 shares during the last quarter. Highlander Capital Management LLC raised its holdings in shares of Goldcorp by 4.7% in the 2nd quarter. Highlander Capital Management LLC now owns 11,125 shares of the basic materials company’s stock worth $142,000 after purchasing an additional 500 shares during the period. First Allied Advisory Services Inc. purchased a new position in shares of Goldcorp in the 2nd quarter worth about $155,000. BB&T Securities LLC purchased a new position in shares of Goldcorp in the 1st quarter worth about $161,000. Finally, Bourgeon Capital Management LLC purchased a new position in shares of Goldcorp in the 2nd quarter worth about $161,000. 53.97% of the stock is owned by hedge funds and other institutional investors.
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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