Goldcorp Inc. (GG) Raised to Hold at Deutsche Bank AG
Deutsche Bank AG upgraded shares of Goldcorp Inc. (NYSE:GG) from a sell rating to a hold rating in a report released on Monday. The firm currently has $16.00 price objective on the stock, up from their previous price objective of $15.00.
GG has been the subject of a number of other research reports. BMO Capital Markets reissued a buy rating and set a $23.00 target price on shares of Goldcorp in a research note on Thursday, July 28th. HSBC reissued a buy rating on shares of Goldcorp in a research note on Thursday, July 7th. Vetr downgraded shares of Goldcorp from a strong-buy rating to a sell rating and set a $19.34 target price for the company. in a research note on Tuesday, July 5th. Morgan Stanley began coverage on shares of Goldcorp in a research note on Tuesday, August 9th. They set an overweight rating and a $22.00 target price for the company. Finally, Desjardins raised shares of Goldcorp from a hold rating to a buy rating in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $19.59.
Shares of Goldcorp (NYSE:GG) opened at 14.45 on Monday. The company has a 50 day moving average of $16.35 and a 200-day moving average of $17.53. Goldcorp has a 52-week low of $9.46 and a 52-week high of $20.38. The company’s market cap is $12.33 billion.
Goldcorp (NYSE:GG) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by $0.12. The business had revenue of $921 million for the quarter, compared to analyst estimates of $882.55 million. Goldcorp had a negative return on equity of 0.71% and a negative net margin of 115.33%. Goldcorp’s revenue for the quarter was down 30.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 EPS. Analysts forecast that Goldcorp will post $0.37 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Goldcorp during the fourth quarter worth $36,428,000. Franklin Resources Inc. boosted its position in Goldcorp by 2.3% in the first quarter. Franklin Resources Inc. now owns 2,991,545 shares of the company’s stock worth $48,553,000 after buying an additional 68,300 shares during the last quarter. Tobam boosted its position in Goldcorp by 7.3% in the first quarter. Tobam now owns 1,694,600 shares of the company’s stock worth $27,605,000 after buying an additional 115,000 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Goldcorp by 3.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 65,399 shares of the company’s stock worth $1,061,000 after buying an additional 2,196 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new position in Goldcorp during the first quarter worth $739,000. Institutional investors and hedge funds own 60.40% of the company’s stock.
Goldcorp Company Profile
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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