Goldcorp Inc. (GG) Stock Price Down 2.6%
Goldcorp Inc. (NYSE:GG) shares dropped 2.6% during trading on Friday . The stock traded as low as $15.35 and last traded at $15.39, with a volume of 4,013,993 shares. The stock had previously closed at $15.80.
GG has been the topic of several recent analyst reports. Jefferies Group reaffirmed a “hold” rating on shares of Goldcorp in a research note on Wednesday, June 8th. Deutsche Bank AG reaffirmed a “sell” rating on shares of Goldcorp in a research note on Wednesday, July 20th. Zacks Investment Research raised shares of Goldcorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Tuesday, June 28th. National Bank Financial initiated coverage on shares of Goldcorp in a research report on Thursday, September 8th. They set an “outperform” rating on the stock. Finally, TD Securities reissued a “hold” rating and set a $23.00 target price on shares of Goldcorp in a research report on Monday, July 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Goldcorp presently has an average rating of “Hold” and an average target price of $19.36.
The firm’s 50-day moving average is $17.39 and its 200-day moving average is $17.50. The stock’s market capitalization is $13.28 billion.
Goldcorp (NYSE:GG) last released its earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate 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 firm had revenue of $921 million for the quarter, compared to analysts’ expectations of $882.55 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The firm’s quarterly revenue was down 30.1% on a year-over-year basis. On average, equities research analysts anticipate that Goldcorp Inc. will post $0.37 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in Goldcorp by 19.5% in the second quarter. Van ECK Associates Corp now owns 47,198,082 shares of the company’s stock worth $902,899,000 after buying an additional 7,717,003 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Goldcorp during the second quarter worth $98,893,000. Norges Bank purchased a new stake in Goldcorp during the fourth quarter worth $36,428,000. AQR Capital Management LLC raised its stake in Goldcorp by 156.6% in the second quarter. AQR Capital Management LLC now owns 4,573,444 shares of the company’s stock worth $87,055,000 after buying an additional 2,791,174 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in Goldcorp during the second quarter worth $44,336,000. Hedge funds and other institutional investors own 60.45% of the company’s stock.
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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