Goldcorp (GG) Raised to “Buy” at Zacks Investment Research

Goldcorp (NYSE:GG) (TSE:G) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage presently has a $15.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.36% from the stock’s current price.

According to Zacks, “Goldcorp’s growth drivers lie in its vast array of development and exploration projects. Goldcorp is actively focused on mining cost reduction, which should aid to its results moving ahead. Goldcorp’s strategy is to provide its shareholders with superior returns from high quality assets. The company's adoption of the dividend reinvestment plan (DRIP) will provide additional benefits to its shareholders by helping them reinvest in the company without incurring additional transaction costs. The company has a positive record of earnings surprises in the last few quarters. Its estimates have also gone up lately.”

Several other brokerages have also commented on GG. HSBC lowered shares of Goldcorp from a “buy” rating to a “hold” rating and set a $14.80 target price on the stock. in a research report on Wednesday, November 22nd. Jefferies Group set a $13.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a research report on Thursday, October 19th. Desjardins lowered shares of Goldcorp from a “buy” rating to a “hold” rating in a research report on Monday, December 11th. Royal Bank of Canada upgraded shares of Goldcorp from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $15.00 to $18.00 in a research report on Wednesday, November 1st. Finally, Canaccord Genuity upgraded shares of Goldcorp from a “hold” rating to a “buy” rating and set a $16.90 price objective on the stock in a research report on Friday, September 29th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $16.65.

Shares of Goldcorp (NYSE GG) traded up $0.05 during midday trading on Monday, hitting $13.47. 3,877,662 shares of the company’s stock traded hands, compared to its average volume of 8,504,100. The stock has a market cap of $11,780.00, a price-to-earnings ratio of 22.45, a P/E/G ratio of 2.51 and a beta of -0.10. Goldcorp has a 52 week low of $11.64 and a 52 week high of $17.87. The company has a quick ratio of 0.69, a current ratio of 1.00 and a debt-to-equity ratio of 0.17.

Hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC acquired a new position in Goldcorp in the 3rd quarter valued at about $137,000. Highlander Capital Management LLC raised its stake in Goldcorp by 4.7% in the 2nd quarter. Highlander Capital Management LLC now owns 11,125 shares of the basic materials company’s stock valued at $142,000 after purchasing an additional 500 shares during the last quarter. First Allied Advisory Services Inc. acquired a new position in Goldcorp in the 2nd quarter valued at about $155,000. Koch Industries Inc. acquired a new position in Goldcorp in the 2nd quarter valued at about $163,000. Finally, Stephens Inc. AR acquired a new position in Goldcorp in the 3rd quarter valued at about $173,000. 53.41% of the stock is owned by hedge funds and other institutional investors.

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About Goldcorp

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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