PineBridge Investments L.P. Purchases New Position in Goldcorp Inc. (GG)
PineBridge Investments L.P. purchased a new stake in Goldcorp Inc. (NYSE:GG) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 19,231 shares of the company’s stock, valued at approximately $475,000.
Other large investors have also modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Goldcorp during the second quarter valued at $510,000. Vanguard Group Inc. increased its stake in shares of Goldcorp by 13.3% in the second quarter. Vanguard Group Inc. now owns 17,266,416 shares of the company’s stock valued at $330,306,000 after buying an additional 2,020,730 shares during the last quarter. Greystone Managed Investments Inc. increased its stake in shares of Goldcorp by 12.6% in the second quarter. Greystone Managed Investments Inc. now owns 7,889,918 shares of the company’s stock valued at $150,180,000 after buying an additional 881,782 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Goldcorp by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,445,141 shares of the company’s stock valued at $46,776,000 after buying an additional 188,455 shares during the last quarter. Finally, Brave Asset Management Inc increased its stake in shares of Goldcorp by 18.3% in the second quarter. Brave Asset Management Inc now owns 14,900 shares of the company’s stock valued at $285,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 60.45% of the company’s stock.
Shares of Goldcorp Inc. (NYSE:GG) opened at 15.69 on Tuesday. Goldcorp Inc. has a 52-week low of $9.46 and a 52-week high of $20.38. The firm’s market cap is $13.38 billion. The stock has a 50 day moving average price of $17.11 and a 200-day moving average price of $17.54.
Goldcorp (NYSE:GG) last posted its earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.12. The firm had revenue of $921 million for the quarter, compared to analyst estimates of $882.55 million. Goldcorp had a negative net margin of 115.33% and a negative return on equity of 0.71%. The company’s revenue for the quarter was down 30.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.08 earnings per share. On average, equities analysts anticipate that Goldcorp Inc. will post $0.37 EPS for the current fiscal year.
Several brokerages have recently weighed in on GG. National Bank Financial began coverage on Goldcorp in a report on Thursday, September 8th. They issued an “outperform” rating on the stock. Berenberg Bank began coverage on Goldcorp in a report on Wednesday, September 7th. They issued a “hold” rating and a $16.50 price target on the stock. Vetr upgraded Goldcorp from a “buy” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a report on Wednesday, August 17th. Morgan Stanley began coverage on Goldcorp in a report on Tuesday, August 9th. They issued an “overweight” rating and a $22.00 price target on the stock. Finally, Barclays PLC increased their price target on Goldcorp from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Goldcorp currently has an average rating of “Hold” and a consensus target price of $19.36.
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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