Zacks Investment Research cut shares of Goldcorp Inc. (NYSE:GG) (TSE:G) from a hold rating to a sell rating in a report released on Friday, July 14th.
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.”
A number of other research firms have also issued reports on GG. Deutsche Bank AG increased their target price on Goldcorp from $15.50 to $16.00 and gave the company a hold rating in a report on Tuesday, March 21st. Royal Bank Of Canada upgraded Goldcorp from an underperform rating to a sector perform rating and increased their price objective for the stock from $15.00 to $17.00 in a report on Thursday, March 16th. They noted that the move was a valuation call. Jefferies Group LLC increased their price objective on Goldcorp from $14.50 to $15.00 and gave the stock a hold rating in a report on Wednesday, April 19th. Scotiabank reiterated an outperform rating and set a $19.00 price objective on shares of Goldcorp in a report on Thursday, April 27th. Finally, Morgan Stanley restated an overweight rating and set a $17.00 target price on shares of Goldcorp in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $17.08.
Shares of Goldcorp (GG) opened at 13.00 on Friday. Goldcorp has a 52-week low of $11.91 and a 52-week high of $19.10. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of 23.85 and a beta of 0.02. The firm has a 50-day moving average price of $13.08 and a 200 day moving average price of $14.44.
Several hedge funds and other institutional investors have recently bought and sold shares of GG. GSA Capital Partners LLP purchased a new position in Goldcorp during the fourth quarter worth about $137,000. Cidel Asset Management Inc. boosted its position in Goldcorp by 17.7% in the first quarter. Cidel Asset Management Inc. now owns 3,318,517 shares of the basic materials company’s stock worth $46,174,000 after buying an additional 498,751 shares during the period. Alliancebernstein L.P. boosted its position in Goldcorp by 0.8% in the first quarter. Alliancebernstein L.P. now owns 2,323,040 shares of the basic materials company’s stock worth $33,893,000 after buying an additional 17,312 shares during the period. Dimensional Fund Advisors LP boosted its position in Goldcorp by 8.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,030,884 shares of the basic materials company’s stock worth $41,220,000 after buying an additional 236,271 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its position in Goldcorp by 1.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 394,000 shares of the basic materials company’s stock valued at $5,732,000 after buying an additional 7,075 shares during the period. Institutional investors own 56.82% 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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