Goldcorp Inc. (GG) Upgraded to Hold at Zacks Investment Research
According to Zacks, “Goldcorp’s earnings for fourth-quarter 2016 beat the Zacks Consensus Estimate. However, revenues fell by double digits on lower gold sales, and missed expectations. Goldcorp has underperformed the Zacks categorized Mining-Gold industry over a year. Estimates for the company have also been going down lately. Goldcorp is exposed to a volatile gold pricing environment. The recent pullback in gold prices poses a concern for the company. Moreover, the company has a debt-laden balance sheet. The company’s declining production and stretched valuation are other concerns. However, Goldcorp is progressing well with its development projects and should gain from its recent strategic acquisitions. It also remains focused on reducing costs and improving productivity.”
A number of other equities research analysts have also recently commented on GG. TheStreet cut Goldcorp from a hold rating to a sell rating in a research note on Wednesday, November 30th. Berenberg Bank reissued a hold rating and issued a $16.50 price objective on shares of Goldcorp in a research note on Wednesday, January 18th. Credit Suisse Group AG set a $17.00 target price on Goldcorp and gave the company a hold rating in a research report on Thursday, January 19th. BMO Capital Markets cut Goldcorp from an outperform rating to a market perform rating and cut their target price for the company from $23.00 to $15.00 in a research report on Monday, December 19th. Finally, Barclays PLC reaffirmed an overweight rating and set a $19.00 target price on shares of Goldcorp in a research report on Friday, December 16th. Ten equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Goldcorp has an average rating of Hold and a consensus target price of $18.14.
Shares of Goldcorp (NYSE:GG) opened at 15.32 on Tuesday. The company has a market cap of $13.08 billion, a PE ratio of 80.63 and a beta of 0.12. The company has a 50-day moving average price of $16.01 and a 200-day moving average price of $14.96. Goldcorp has a 1-year low of $11.91 and a 1-year high of $20.38.
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The company also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Thursday, March 16th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.52%. Goldcorp’s payout ratio is presently -1.58%.
Several hedge funds have recently modified their holdings of the stock. M&R Capital Management Inc. raised its stake in shares of Goldcorp by 10.2% in the fourth quarter. M&R Capital Management Inc. now owns 7,595 shares of the company’s stock valued at $103,000 after buying an additional 700 shares during the last quarter. Orinda Asset Management LLC bought a new stake in Goldcorp during the third quarter worth about $116,000. Fore Research & Management LP bought a new stake in Goldcorp during the fourth quarter worth about $136,000. GSA Capital Partners LLP bought a new stake in Goldcorp during the fourth quarter worth about $137,000. Finally, Fort Pitt Capital Group LLC bought a new stake in Goldcorp during the fourth quarter worth about $139,000. Hedge funds and other institutional investors own 57.76% 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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