Paulson & CO. Inc. Cuts Holdings in Goldcorp Inc. (GG)
Paulson & CO. Inc. reduced its position in shares of Goldcorp Inc. (NYSE:GG) (TSE:G) by 20.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 800,000 shares of the basic materials company’s stock after selling 200,000 shares during the period. Paulson & CO. Inc.’s holdings in Goldcorp were worth $10,968,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. GoodHaven Capital Management LLC purchased a new stake in Goldcorp during the 1st quarter worth approximately $138,000. Boston Partners purchased a new stake in Goldcorp during the 2nd quarter worth approximately $174,000. Envestnet Asset Management Inc. increased its stake in Goldcorp by 1,425.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 13,195 shares of the basic materials company’s stock worth $182,000 after buying an additional 12,330 shares in the last quarter. Usca Ria LLC purchased a new stake in Goldcorp during the 1st quarter worth approximately $231,000. Finally, Edgestream Partners L.P. purchased a new stake in Goldcorp during the 2nd quarter worth approximately $231,000. Institutional investors own 53.91% of the company’s stock.
Several equities research analysts have commented on the company. ValuEngine upgraded Goldcorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research cut Goldcorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. TheStreet upgraded Goldcorp from a “c” rating to a “b-” rating in a report on Tuesday, May 22nd. Scotiabank restated a “buy” rating and set a $17.00 target price on shares of Goldcorp in a report on Friday, July 27th. Finally, Jefferies Financial Group restated a “hold” rating and set a $13.00 target price on shares of Goldcorp in a report on Monday, August 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Goldcorp has a consensus rating of “Buy” and an average target price of $17.09.
Goldcorp (NYSE:GG) (TSE:G) last issued its earnings results on Wednesday, July 25th. The basic materials company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.02). The company had revenue of $793.00 million for the quarter, compared to analyst estimates of $871.54 million. Goldcorp had a return on equity of 1.97% and a net margin of 8.61%. During the same quarter in the prior year, the firm earned $0.16 earnings per share. analysts expect that Goldcorp Inc. will post 0.28 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Thursday, September 13th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, September 12th. This is a boost from Goldcorp’s previous quarterly dividend of $0.02. This represents a $0.08 dividend on an annualized basis and a yield of 0.80%. Goldcorp’s dividend payout ratio is currently 20.00%.
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.
See Also: Penny Stocks, Risk and Reward Factors
Want to see what other hedge funds are holding GG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Goldcorp Inc. (NYSE:GG) (TSE:G).
Receive News & Ratings for Goldcorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Goldcorp and related companies with MarketBeat.com's FREE daily email newsletter.