Goldcorp Inc. (GG) Receives Hold Rating from Jefferies Group LLC
Goldcorp Inc. (NYSE:GG) (TSE:G)‘s stock had its “hold” rating reaffirmed by equities researchers at Jefferies Group LLC in a research note issued to investors on Thursday. They currently have a $13.00 price objective on the basic materials company’s stock. Jefferies Group LLC’s price objective indicates a potential downside of 1.14% from the stock’s current price.
GG has been the topic of several other research reports. Zacks Investment Research cut shares of Goldcorp from a “hold” rating to a “sell” rating in a research note on Friday, July 14th. BidaskClub cut shares of Goldcorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada lowered their price target on shares of Goldcorp from $16.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 15th. HC Wainwright reissued a “buy” rating on shares of Goldcorp in a research report on Monday, September 25th. Finally, Canaccord Genuity raised shares of Goldcorp from a “hold” rating to a “buy” rating and set a $16.90 price target on the stock in a research report on Friday, September 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Goldcorp currently has a consensus rating of “Hold” and an average price target of $16.66.
Shares of Goldcorp (NYSE GG) opened at 13.15 on Thursday. The company’s 50-day moving average is $13.31 and its 200-day moving average is $13.54. The stock has a market cap of $11.37 billion, a P/E ratio of 24.13 and a beta of -0.07. Goldcorp has a 1-year low of $11.91 and a 1-year high of $17.87.
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A number of institutional investors and hedge funds have recently modified their holdings of GG. Majedie Asset Management Ltd raised its holdings in Goldcorp by 246.3% in the 2nd quarter. Majedie Asset Management Ltd now owns 8,195,649 shares of the basic materials company’s stock valued at $105,806,000 after buying an additional 5,828,676 shares during the period. CIBC World Markets Inc. raised its holdings in Goldcorp by 91.2% in the 2nd quarter. CIBC World Markets Inc. now owns 10,717,490 shares of the basic materials company’s stock valued at $138,363,000 after buying an additional 5,112,943 shares during the period. Greystone Managed Investments Inc. purchased a new stake in Goldcorp in the 2nd quarter valued at about $26,496,000. Renaissance Technologies LLC purchased a new stake in Goldcorp in the 2nd quarter valued at about $21,450,000. Finally, First Eagle Investment Management LLC raised its holdings in Goldcorp by 4.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 34,814,349 shares of the basic materials company’s stock valued at $449,453,000 after buying an additional 1,628,150 shares during the period. Hedge funds and other institutional investors own 53.96% 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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