PineBridge Investments L.P. lowered its stake in shares of Dominion Diamond Corp. (NYSE:DDC) by 71.8% during the second quarter, Holdings Channel reports. The fund owned 23,422 shares of the company’s stock after selling 59,603 shares during the period. PineBridge Investments L.P.’s holdings in Dominion Diamond Corp. were worth $268,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Dominion Diamond Corp. by 230.2% in the first quarter. Royal Bank of Canada now owns 3,506,753 shares of the company’s stock valued at $38,890,000 after buying an additional 2,444,671 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Dominion Diamond Corp. by 141.3% in the first quarter. Goldman Sachs Group Inc. now owns 214,382 shares of the company’s stock valued at $2,378,000 after buying an additional 125,555 shares during the last quarter. Spark Investment Management LLC bought a new position in Dominion Diamond Corp. during the first quarter valued at $420,000. TD Asset Management Inc. boosted its position in Dominion Diamond Corp. by 44.6% in the second quarter. TD Asset Management Inc. now owns 2,144,069 shares of the company’s stock valued at $18,870,000 after buying an additional 660,986 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Dominion Diamond Corp. during the first quarter valued at $835,000. 38.00% of the stock is owned by hedge funds and other institutional investors.
Dominion Diamond Corp. (NYSE:DDC) opened at 8.97 on Friday. The firm has a 50 day moving average of $8.87 and a 200-day moving average of $10.11. The company’s market capitalization is $761.06 million. Dominion Diamond Corp. has a 52-week low of $7.27 and a 52-week high of $12.65.
Dominion Diamond Corp. (NYSE:DDC) last released its quarterly earnings results on Thursday, September 8th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.33. Dominion Diamond Corp. had a negative net margin of 9.79% and a negative return on equity of 1.08%. The firm earned $160 million during the quarter, compared to the consensus estimate of $196.50 million. During the same quarter in the prior year, the business posted ($0.21) earnings per share. The firm’s quarterly revenue was down 23.7% on a year-over-year basis. Equities analysts expect that Dominion Diamond Corp. will post $0.18 EPS for the current year.
The business also recently disclosed a semiannual dividend, which will be paid on Thursday, November 3rd. Investors of record on Tuesday, October 11th will be given a $0.20 dividend. This represents a dividend yield of 4.77%. The ex-dividend date is Thursday, October 6th. Dominion Diamond Corp.’s payout ratio is currently -52.63%.
Several brokerages recently issued reports on DDC. BMO Capital Markets restated an “outperform” rating and set a $18.00 target price (down from $22.00) on shares of Dominion Diamond Corp. in a research report on Wednesday, August 24th. TheStreet lowered shares of Dominion Diamond Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, September 14th. RBC Capital Markets restated a “sector perform” rating on shares of Dominion Diamond Corp. in a research report on Friday, September 16th. Zacks Investment Research upgraded shares of Dominion Diamond Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Finally, Barclays PLC upgraded shares of Dominion Diamond Corp. from an “equal weight” rating to an “overweight” rating and set a $11.40 target price for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $14.13.
About Dominion Diamond Corp.
Dominion Diamond Corporation is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company’s segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine.
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