Tocqueville Asset Management L.P. Has $53.87 Million Position in Goldcorp Inc. (GG)
Tocqueville Asset Management L.P. lowered its stake in shares of Goldcorp Inc. (NYSE:GG) (TSE:G) by 1.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,283,869 shares of the basic materials company’s stock after selling 51,264 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.61% of Goldcorp worth $53,873,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenline Partners LLC lifted its holdings in Goldcorp by 5.1% in the third quarter. Greenline Partners LLC now owns 206,851 shares of the basic materials company’s stock valued at $2,106,000 after buying an additional 10,020 shares during the period. US Bancorp DE raised its holdings in Goldcorp by 53.4% in the second quarter. US Bancorp DE now owns 96,119 shares of the basic materials company’s stock worth $1,318,000 after purchasing an additional 33,463 shares during the period. Hussman Strategic Advisors Inc. raised its holdings in Goldcorp by 50.0% in the third quarter. Hussman Strategic Advisors Inc. now owns 600,000 shares of the basic materials company’s stock worth $6,120,000 after purchasing an additional 200,000 shares during the period. Ruffer LLP raised its holdings in Goldcorp by 73.2% in the third quarter. Ruffer LLP now owns 14,857,704 shares of the basic materials company’s stock worth $151,473,000 after purchasing an additional 6,277,498 shares during the period. Finally, Capital Fund Management S.A. raised its holdings in Goldcorp by 180.6% in the second quarter. Capital Fund Management S.A. now owns 200,789 shares of the basic materials company’s stock worth $2,753,000 after purchasing an additional 129,240 shares during the period. 54.97% of the stock is currently owned by institutional investors and hedge funds.
GG has been the topic of several analyst reports. Citigroup cut their target price on shares of Goldcorp from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, August 29th. ValuEngine lowered shares of Goldcorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 4th. Credit Suisse Group reiterated an “outperform” rating on shares of Goldcorp in a report on Monday, September 10th. JPMorgan Chase & Co. cut their target price on shares of Goldcorp from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday, September 17th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $16.00 price objective on shares of Goldcorp in a research report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $15.64.
Goldcorp (NYSE:GG) (TSE:G) last posted its earnings results on Wednesday, October 24th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $621.00 million for the quarter, compared to analyst estimates of $714.46 million. Goldcorp had a return on equity of 0.97% and a net margin of 2.47%. Analysts expect that Goldcorp Inc. will post 0.07 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Thursday, December 13th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, December 12th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.84%. Goldcorp’s dividend payout ratio (DPR) is currently 20.00%.
Goldcorp Inc acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. It primarily explores for gold, silver, lead, zinc, and copper deposits. The company's principal producing mining properties include the Éléonore, Musselwhite, Porcupine, and Red Lake mines in Canada; the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine in the Dominican Republic.
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