Coeur Mining (NYSE:CDE) Shares Gap Down – Here’s What Happened

Coeur Mining, Inc. (NYSE:CDE)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $20.78, but opened at $19.79. Coeur Mining shares last traded at $20.5910, with a volume of 1,920,181 shares trading hands.

Wall Street Analysts Forecast Growth

CDE has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Coeur Mining in a research note on Wednesday, June 24th. Scotiabank lowered their price target on Coeur Mining from $28.50 to $26.50 and set an “outperform” rating for the company in a research report on Friday, August 7th. Zacks Research upgraded shares of Coeur Mining from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Roth Capital set a $19.00 price objective on shares of Coeur Mining in a research report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Coeur Mining from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Coeur Mining has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Coeur Mining Price Performance

The firm has a 50-day moving average of $17.20 and a 200-day moving average of $18.82. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.44 and a current ratio of 3.65. The firm has a market capitalization of $21.21 billion, a P/E ratio of 17.64 and a beta of 1.32.

Coeur Mining (NYSE:CDE) last posted its earnings results on Wednesday, August 5th. The basic materials company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.14). Coeur Mining had a return on equity of 11.03% and a net margin of 26.82%.The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the business posted $0.20 EPS. The firm’s revenue for the quarter was up 125.8% on a year-over-year basis. As a group, analysts predict that Coeur Mining, Inc. will post 0.86 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Thomas S. Whelan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $20.87, for a total value of $125,220.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Casey M. Nault sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the transaction, the executive vice president directly owned 540,086 shares in the company, valued at approximately $10,801,720. The trade was a 1.82% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 41,000 shares of company stock valued at $844,470. Insiders own 0.90% of the company’s stock.

Institutional Trading of Coeur Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC bought a new position in Coeur Mining in the second quarter worth approximately $26,000. Triumph Capital Management grew its position in shares of Coeur Mining by 300.0% during the 4th quarter. Triumph Capital Management now owns 1,600 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 1,200 shares during the period. Versant Capital Management Inc increased its stake in shares of Coeur Mining by 105.0% in the 2nd quarter. Versant Capital Management Inc now owns 1,601 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 820 shares in the last quarter. Kingdom Financial Group LLC. purchased a new stake in shares of Coeur Mining in the 4th quarter worth $32,000. Finally, JPL Wealth Management LLC bought a new position in Coeur Mining in the 3rd quarter worth $35,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

About Coeur Mining

Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management.

Coeur Mining’s portfolio includes five principal operating mines and several exploration projects across North America and Australia.