Traders Buy Goldcorp Inc. (GG) on Weakness
Investors bought shares of Goldcorp Inc. (NYSE:GG) on weakness during trading on Wednesday. $62.30 million flowed into the stock on the tick-up and $44.93 million flowed out of the stock on the tick-down, for a money net flow of $17.37 million into the stock. Of all companies tracked, Goldcorp had the 9th highest net in-flow for the day. Goldcorp traded down ($1.64) for the day and closed at $16.05
Several brokerages recently commented on GG. Deutsche Bank AG reiterated a “sell” rating on shares of Goldcorp in a report on Thursday, July 7th. HSBC reiterated a “buy” rating on shares of Goldcorp in a report on Thursday, July 7th. Zacks Investment Research upgraded shares of Goldcorp from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday, July 12th. Vetr downgraded shares of Goldcorp from a “strong-buy” rating to a “sell” rating and set a $19.34 price target on the stock. in a report on Tuesday, July 5th. Finally, Jefferies Group upped their price target on shares of Goldcorp from $17.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $19.59.
The company’s 50 day moving average price is $18.56 and its 200-day moving average price is $17.40. The stock’s market capitalization is $13.69 billion.
Goldcorp (NYSE:GG) last released its earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.12. The business had revenue of $921 million for the quarter, compared to the consensus estimate of $882.55 million. The company’s quarterly revenue was down 30.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 EPS. Equities analysts forecast that Goldcorp Inc. will post $0.37 EPS for the current fiscal year.
A hedge fund recently raised its stake in Goldcorp stock. BNP Paribas Arbitrage SA increased its stake in Goldcorp Inc. (NYSE:GG) by 81.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 665,396 shares of the company’s stock after buying an additional 299,357 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.08% of Goldcorp worth $7,692,000 as of its most recent filing with the SEC.
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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