Wheaton Precious Metals Corp (NYSE:WPM) Sees Large Growth in Short Interest

Wheaton Precious Metals Corp (NYSE:WPM) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 5,800,000 shares, a growth of 27.8% from the September 30th total of 4,540,000 shares. Approximately 1.3% of the company’s stock are short sold. Based on an average daily trading volume, of 2,560,000 shares, the days-to-cover ratio is presently 2.3 days.

Shares of WPM traded up $0.63 during mid-day trading on Friday, reaching $27.09. The company had a trading volume of 598,171 shares, compared to its average volume of 2,230,153. The company’s 50 day simple moving average is $26.80 and its 200 day simple moving average is $25.25. Wheaton Precious Metals has a 1-year low of $15.08 and a 1-year high of $30.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.65 and a current ratio of 3.65. The company has a market capitalization of $11.78 billion, a price-to-earnings ratio of 56.44, a P/E/G ratio of 9.20 and a beta of -0.08.

Wheaton Precious Metals (NYSE:WPM) last posted its quarterly earnings data on Thursday, November 14th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.16. The firm had revenue of $223.60 million for the quarter, compared to the consensus estimate of $235.93 million. Wheaton Precious Metals had a negative net margin of 3.33% and a positive return on equity of 3.35%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.08 EPS. As a group, equities analysts forecast that Wheaton Precious Metals will post 0.57 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Signaturefd LLC raised its stake in Wheaton Precious Metals by 39.2% during the 2nd quarter. Signaturefd LLC now owns 1,758 shares of the company’s stock valued at $43,000 after purchasing an additional 495 shares during the period. Assetmark Inc. increased its holdings in shares of Wheaton Precious Metals by 135.8% in the second quarter. Assetmark Inc. now owns 2,014 shares of the company’s stock valued at $49,000 after purchasing an additional 1,160 shares during the period. AdvisorNet Financial Inc increased its holdings in shares of Wheaton Precious Metals by 36.1% in the third quarter. AdvisorNet Financial Inc now owns 1,905 shares of the company’s stock valued at $50,000 after purchasing an additional 505 shares during the period. NEXT Financial Group Inc increased its holdings in shares of Wheaton Precious Metals by 67.0% in the second quarter. NEXT Financial Group Inc now owns 2,263 shares of the company’s stock valued at $55,000 after purchasing an additional 908 shares during the period. Finally, Huntington National Bank increased its holdings in shares of Wheaton Precious Metals by 318.3% in the second quarter. Huntington National Bank now owns 2,773 shares of the company’s stock valued at $67,000 after purchasing an additional 2,110 shares during the period. 54.02% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have recently weighed in on WPM shares. Credit Suisse Group upped their price target on shares of Wheaton Precious Metals from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Raymond James reiterated an “outperform” rating and set a $29.00 price objective on shares of Wheaton Precious Metals in a research note on Monday, August 12th. GMP Securities downgraded shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Zacks Investment Research downgraded shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a research note on Saturday, October 19th. Finally, Bank of America raised their price target on shares of Wheaton Precious Metals from $33.50 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $31.82.

About Wheaton Precious Metals

Wheaton Precious Metals Corp., a mining company, primarily sells precious metals in Canada and internationally. The company sells silver and gold ores. It has agreements for 19 operating mines and 9 development stage projects. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp.

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