Short Interest in Coeur Mining Inc. (CDE) Declines By 21.7%
Coeur Mining Inc. (NYSE:CDE) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 12,498,294 shares, a decline of 21.7% from the August 15th total of 15,959,279 shares. Approximately 7.8% of the shares of the company are short sold. Based on an average daily volume of 6,312,324 shares, the days-to-cover ratio is presently 2.0 days.
In related news, CFO Peter C. Mitchell sold 16,157 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $15.88, for a total transaction of $256,573.16. Following the sale, the chief financial officer now directly owns 270,260 shares in the company, valued at approximately $4,291,728.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mark Spurbeck sold 4,565 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $15.75, for a total value of $71,898.75. The disclosure for this sale can be found here. Corporate insiders own 1.53% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC increased its position in Coeur Mining by 129.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,001,561 shares of the company’s stock valued at $5,629,000 after buying an additional 565,686 shares during the period. Teachers Advisors Inc. increased its position in Coeur Mining by 589.1% in the first quarter. Teachers Advisors Inc. now owns 1,579,196 shares of the company’s stock valued at $8,875,000 after buying an additional 1,350,035 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Coeur Mining by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,519,905 shares of the company’s stock valued at $19,782,000 after buying an additional 17,614 shares during the period. Shufro Rose & Co. LLC increased its position in Coeur Mining by 7.0% in the first quarter. Shufro Rose & Co. LLC now owns 80,700 shares of the company’s stock valued at $454,000 after buying an additional 5,300 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new position in Coeur Mining during the first quarter valued at $1,203,000. Institutional investors own 69.47% of the company’s stock.
Coeur Mining (NYSE:CDE) opened at 13.28 on Thursday. Coeur Mining has a 12 month low of $1.62 and a 12 month high of $16.41. The stock’s 50 day moving average price is $14.20 and its 200 day moving average price is $9.99. The company’s market capitalization is $2.16 billion.
Coeur Mining (NYSE:CDE) last released its earnings results on Wednesday, July 27th. The company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.07. The company had revenue of $182 million for the quarter, compared to the consensus estimate of $173.92 million. Coeur Mining had a negative return on equity of 8.38% and a negative net margin of 49.17%. Coeur Mining’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) earnings per share. Equities research analysts anticipate that Coeur Mining will post $0.27 earnings per share for the current fiscal year.
A number of analysts recently issued reports on CDE shares. CIBC upgraded Coeur Mining from a “sector underperform” rating to a “sector perform” rating in a research note on Tuesday, August 30th. Deutsche Bank AG restated a “sell” rating on shares of Coeur Mining in a research note on Wednesday, July 20th. Roth Capital restated a “buy” rating on shares of Coeur Mining in a research note on Monday, June 27th. Zacks Investment Research upgraded Coeur Mining from a “hold” rating to a “buy” rating and set a $9.75 target price on the stock in a research note on Thursday, June 9th. Finally, Barclays PLC upped their target price on Coeur Mining and gave the stock an “outperform” rating in a research note on Monday, June 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $6.05.
About Coeur Mining
Coeur Mining, Inc is a gold and silver producer. The Company’s segments include Palmarejo complex, Rochester, Kensington, Wharf and San Bartolome mines, and Coeur Capital. The Company also a non-operating interest in the Endeavor mine in Australia in addition to royalties on the El Gallo complex in Mexico, the Zaruma mine in Ecuador, and the Correnso mine in New Zealand.
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