Goldcorp Inc. (GG) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Goldcorp Inc. (NYSE:GG) (TSE:G) from a hold rating to a sell rating in a research report report published on Friday.

According to Zacks, “Goldcorp has underperformed the Zacks categorized Mining-Gold industry over a year. Goldcorp is exposed to a volatile gold pricing environment. Moreover, the company has a debt-laden balance sheet. The company’s declining production and stretched valuation are other concerns.”

Several other research analysts also recently weighed in on the company. Scotiabank restated an outperform rating and set a $19.00 target price on shares of Goldcorp in a research note on Thursday, April 27th. Royal Bank Of Canada upgraded Goldcorp from an underperform rating to a sector perform rating and boosted their price target for the company from $15.00 to $17.00 in a research note on Thursday, March 16th. They noted that the move was a valuation call. Deutsche Bank AG boosted their price target on Goldcorp from $15.50 to $16.00 and gave the company a hold rating in a research note on Tuesday, March 21st. Morgan Stanley reiterated an overweight rating and set a $17.00 price target on shares of Goldcorp in a research note on Monday, May 1st. Finally, TD Securities reiterated a buy rating on shares of Goldcorp in a research note on Thursday, June 15th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Goldcorp presently has an average rating of Hold and an average target price of $17.27.

Goldcorp (NYSE GG) traded up 1.23% during mid-day trading on Friday, reaching $13.18. The company had a trading volume of 4,493,464 shares. The company has a market capitalization of $11.28 billion, a PE ratio of 45.14 and a beta of 0.02. Goldcorp has a 1-year low of $11.91 and a 1-year high of $19.42. The firm has a 50-day moving average of $13.63 and a 200 day moving average of $14.62.

Goldcorp (NYSE:GG) (TSE:G) last announced its earnings results on Wednesday, April 26th. The basic materials company reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.11. Goldcorp had a return on equity of 2.72% and a net margin of 7.31%. The firm had revenue of $882 million for the quarter, compared to the consensus estimate of $929.91 million. During the same period in the previous year, the business earned $0.10 EPS. On average, analysts predict that Goldcorp will post $0.37 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, June 23rd. Stockholders of record on Thursday, June 15th were issued a $0.02 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.61%. Goldcorp’s dividend payout ratio (DPR) is presently 26.67%.

Several institutional investors have recently modified their holdings of GG. Van ECK Associates Corp boosted its position in shares of Goldcorp by 5.6% in the first quarter. Van ECK Associates Corp now owns 58,304,591 shares of the basic materials company’s stock valued at $850,663,000 after buying an additional 3,112,702 shares during the period. Vanguard Group Inc. boosted its position in Goldcorp by 4.4% in the first quarter. Vanguard Group Inc. now owns 19,361,683 shares of the basic materials company’s stock worth $282,487,000 after buying an additional 814,810 shares during the last quarter. FMR LLC boosted its position in Goldcorp by 163.8% in the first quarter. FMR LLC now owns 17,612,338 shares of the basic materials company’s stock worth $256,931,000 after buying an additional 10,937,064 shares during the last quarter. TD Asset Management Inc. boosted its position in Goldcorp by 4.3% in the first quarter. TD Asset Management Inc. now owns 16,363,749 shares of the basic materials company’s stock worth $238,040,000 after buying an additional 681,367 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in Goldcorp by 1.6% in the first quarter. Artisan Partners Limited Partnership now owns 15,412,581 shares of the basic materials company’s stock worth $224,870,000 after buying an additional 246,922 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Goldcorp Company Profile

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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