Goldcorp Inc. (GG) Sees Significant Increase in Short Interest

Goldcorp Inc. (NYSE:GG) (TSE:G) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 15,158,156 shares, an increase of 37.2% from the January 15th total of 11,048,308 shares. Based on an average daily trading volume, of 12,772,483 shares, the days-to-cover ratio is currently 1.2 days.

Several institutional investors and hedge funds have recently modified their holdings of GG. Ruffer LLP grew its position in shares of Goldcorp by 73.2% in the 3rd quarter. Ruffer LLP now owns 14,857,704 shares of the basic materials company’s stock worth $151,473,000 after acquiring an additional 6,277,498 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Goldcorp by 34.1% in the 3rd quarter. Franklin Resources Inc. now owns 16,506,800 shares of the basic materials company’s stock worth $168,091,000 after acquiring an additional 4,198,072 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Goldcorp by 52.4% in the 3rd quarter. Mackenzie Financial Corp now owns 9,621,784 shares of the basic materials company’s stock worth $98,142,000 after acquiring an additional 3,308,355 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Goldcorp by 90.3% in the 4th quarter. Bank of New York Mellon Corp now owns 6,305,554 shares of the basic materials company’s stock worth $61,794,000 after acquiring an additional 2,992,823 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Goldcorp by 123.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,276,357 shares of the basic materials company’s stock worth $41,862,000 after acquiring an additional 2,360,025 shares in the last quarter. Institutional investors own 54.38% of the company’s stock.

Shares of GG opened at $10.86 on Wednesday. The company has a market capitalization of $9.52 billion, a PE ratio of 27.15 and a beta of 0.30. The company has a quick ratio of 0.48, a current ratio of 0.83 and a debt-to-equity ratio of 0.18. Goldcorp has a 52 week low of $8.42 and a 52 week high of $14.66.

Several equities research analysts recently commented on the company. UBS Group downgraded Goldcorp from a “buy” rating to a “neutral” rating and set a $11.00 target price on the stock. in a report on Tuesday. Cormark restated a “hold” rating on shares of Goldcorp in a research note on Tuesday, January 29th. Raymond James restated a “market perform” rating and set a $14.00 price objective on shares of Goldcorp in a research note on Tuesday, January 15th. Vertical Research lowered Goldcorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. Finally, Macquarie lowered Goldcorp from an “outperform” rating to a “neutral” rating in a research note on Monday, January 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Goldcorp presently has an average rating of “Hold” and a consensus price target of $13.53.

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About Goldcorp

Goldcorp Inc acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. It primarily explores for gold, silver, lead, zinc, and copper deposits. The company's principal producing mining properties include the Éléonore, Musselwhite, Porcupine, and Red Lake mines in Canada; the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine in the Dominican Republic.

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