Goldcorp Inc. (NYSE:GG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Estimates for Goldcorp have been going down ahead of its third-quarter 2016 earnings release. Goldcorp faces risks associated with volatile gold prices and geopolitical challenges. The recent pullback in gold prices poses a concern for the company. Moreover, declining reserves and high debt are other concerns.”
A number of other brokerages have also recently weighed in on GG. Desjardins raised Goldcorp from a “hold” rating to a “buy” rating in a research note on Wednesday, June 22nd. HSBC reissued a “buy” rating on shares of Goldcorp in a research note on Thursday, July 7th. BMO Capital Markets reissued a “buy” rating and set a $23.00 target price on shares of Goldcorp in a research note on Thursday, July 28th. Vetr cut Goldcorp from a “strong-buy” rating to a “buy” rating and set a $21.00 target price for the company. in a research note on Wednesday, August 10th. Finally, Jefferies Group boosted their target price on Goldcorp from $17.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Goldcorp currently has a consensus rating of “Hold” and a consensus target price of $19.59.
Shares of Goldcorp (NYSE:GG) traded up 2.322% during midday trading on Wednesday, hitting $15.205. The company’s stock had a trading volume of 5,766,194 shares. The firm has a 50-day moving average of $15.59 and a 200 day moving average of $17.41. Goldcorp has a 12-month low of $9.46 and a 12-month high of $20.38. The firm’s market cap is $12.97 billion.
Goldcorp (NYSE:GG) last posted its earnings results on Wednesday, July 27th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.12. Goldcorp had a negative net margin of 115.33% and a negative return on equity of 0.71%. The business earned $921 million during the quarter, compared to analysts’ expectations of $882.55 million. During the same quarter in the prior year, the firm earned $0.08 EPS. Goldcorp’s revenue for the quarter was down 30.1% compared to the same quarter last year. On average, equities research analysts predict that Goldcorp will post $0.37 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of GG. Van ECK Associates Corp increased its stake in Goldcorp by 19.5% in the second quarter. Van ECK Associates Corp now owns 47,198,082 shares of the company’s stock valued at $902,899,000 after buying an additional 7,717,003 shares in the last quarter. Mackenzie Financial Corp bought a new stake in Goldcorp during the second quarter valued at approximately $98,893,000. AQR Capital Management LLC increased its stake in Goldcorp by 156.6% in the second quarter. AQR Capital Management LLC now owns 4,573,444 shares of the company’s stock valued at $87,055,000 after buying an additional 2,791,174 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Goldcorp during the second quarter valued at approximately $44,336,000. Finally, Vanguard Group Inc. increased its stake in 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 in the last quarter. 60.48% of the stock is owned by hedge funds and other institutional investors.
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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