Goldcorp Inc. (GG) Issues Quarterly Earnings Results, Hits Expectations
Goldcorp Inc. (NYSE:GG) posted its quarterly earnings results on Wednesday. The company reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Goldcorp had a negative net margin of 115.33% and a negative return on equity of 0.71%. The firm’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) earnings per share.
Goldcorp (NYSE:GG) traded down 3.13% during trading on Thursday, hitting $14.84. 2,868,825 shares of the stock traded hands. The stock’s market cap is $12.66 billion. The firm’s 50-day moving average is $15.53 and its 200 day moving average is $17.36. Goldcorp has a 52 week low of $9.46 and a 52 week high of $20.38.
Several analysts recently issued reports on the stock. Vetr cut shares of Goldcorp from a “strong-buy” rating to a “buy” rating and set a $21.00 price target on the stock. in a report on Wednesday, August 10th. Zacks Investment Research cut shares of Goldcorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Desjardins raised shares of Goldcorp from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Canaccord Genuity raised shares of Goldcorp from a “hold” rating to a “buy” rating in a report on Monday. Finally, Jefferies Group increased their target price on shares of Goldcorp from $17.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Goldcorp presently has a consensus rating of “Hold” and a consensus target price of $19.59.
Several hedge funds and other institutional investors have recently modified their holdings of GG. Orinda Asset Management LLC bought a new position in shares of Goldcorp during the third quarter worth about $116,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Goldcorp by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,779 shares of the company’s stock worth $130,000 after buying an additional 496 shares during the last quarter. Smith Affiliated Capital Corp. boosted its position in shares of Goldcorp by 95.7% in the second quarter. Smith Affiliated Capital Corp. now owns 6,900 shares of the company’s stock worth $132,000 after buying an additional 3,374 shares during the last quarter. M&R Capital Management Inc. bought a new position in shares of Goldcorp during the second quarter worth about $137,000. Finally, MSI Financial Services Inc boosted its position in shares of Goldcorp by 9.6% in the third quarter. MSI Financial Services Inc now owns 8,596 shares of the company’s stock worth $142,000 after buying an additional 750 shares during the last quarter. 60.48% of the stock is owned by institutional investors.
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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