Goldcorp Inc. (GG) Position Increased by Vanguard Group Inc.
Vanguard Group Inc. raised its position in shares of Goldcorp Inc. (NYSE:GG) by 13.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,266,416 shares of the company’s stock after buying an additional 2,020,730 shares during the period. Vanguard Group Inc. owned approximately 2.02% of Goldcorp worth $330,306,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP increased its position in shares of Goldcorp by 67.4% in the first quarter. Wellington Management Group LLP now owns 3,820,879 shares of the company’s stock worth $62,022,000 after buying an additional 1,538,815 shares in the last quarter. Societe Generale acquired a new position in shares of Goldcorp during the second quarter worth approximately $3,043,000. Renaissance Technologies LLC increased its position in shares of Goldcorp by 61.9% in the first quarter. Renaissance Technologies LLC now owns 3,587,561 shares of the company’s stock worth $58,226,000 after buying an additional 1,371,300 shares in the last quarter. Flossbach Von Storch AG increased its position in shares of Goldcorp by 1.6% in the second quarter. Flossbach Von Storch AG now owns 1,193,400 shares of the company’s stock worth $22,830,000 after buying an additional 18,800 shares in the last quarter. Finally, Carmignac Gestion increased its position in shares of Goldcorp by 1.0% in the second quarter. Carmignac Gestion now owns 21,870,143 shares of the company’s stock worth $418,376,000 after buying an additional 218,800 shares in the last quarter. Institutional investors own 60.40% of the company’s stock.
Goldcorp Inc. (NYSE:GG) opened at 14.10 on Friday. Goldcorp Inc. has a 12-month low of $9.46 and a 12-month high of $20.38. The firm has a 50-day moving average price of $16.09 and a 200-day moving average price of $17.49. The company’s market cap is $12.03 billion.
Goldcorp (NYSE:GG) last issued its earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.12. The firm had revenue of $921 million for the quarter, compared to the consensus estimate of $882.55 million. Goldcorp had a negative net margin of 115.33% and a negative return on equity of 0.71%. The company’s revenue for the quarter was down 30.1% on a year-over-year basis. During the same period last year, the firm earned $0.08 earnings per share. On average, analysts forecast that Goldcorp Inc. will post $0.37 earnings per share for the current fiscal year.
GG has been the subject of a number of recent analyst reports. Deutsche Bank AG upgraded Goldcorp from a “sell” rating to a “hold” rating and upped their target price for the company from $15.00 to $16.00 in a report on Monday, October 3rd. HSBC restated a “buy” rating on shares of Goldcorp in a report on Thursday, July 7th. Morgan Stanley began coverage on Goldcorp in a report on Tuesday, August 9th. They set an “overweight” rating and a $22.00 target price for the company. National Bank Financial began coverage on Goldcorp in a research note on Thursday, September 8th. They issued an “outperform” rating on the stock. Finally, Barclays PLC upped their price target on Goldcorp from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $19.59.
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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