PCJ Investment Counsel Ltd. trimmed its holdings in Goldcorp Inc. (NYSE:GG) (TSE:G) by 48.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 859,525 shares of the basic materials company’s stock after selling 819,930 shares during the quarter. PCJ Investment Counsel Ltd. owned about 0.10% of Goldcorp worth $8,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Advisor Partners LLC purchased a new position in shares of Goldcorp in the third quarter worth $107,000. Brown Advisory Inc. acquired a new stake in Goldcorp during the third quarter valued at $111,000. Independent Advisor Alliance acquired a new stake in shares of Goldcorp in the third quarter valued at about $126,000. Riverhead Capital Management LLC grew its position in shares of Goldcorp by 332.5% in the third quarter. Riverhead Capital Management LLC now owns 12,976 shares of the basic materials company’s stock valued at $130,000 after purchasing an additional 9,976 shares during the period. Finally, First Manhattan Co. acquired a new stake in shares of Goldcorp in the third quarter valued at about $133,000. 54.97% of the stock is currently owned by institutional investors.
Several equities analysts have recently weighed in on the stock. Citigroup decreased their price target on shares of Goldcorp from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, August 29th. Raymond James dropped their price target on shares of Goldcorp from $18.00 to $17.00 and set a “market perform” rating for the company in a research report on Thursday, September 20th. Zacks Investment Research cut shares of Goldcorp from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Royal Bank of Canada restated a “buy” rating and issued a $16.00 price objective on shares of Goldcorp in a report on Wednesday, September 19th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Goldcorp from $18.00 to $16.00 and set an “overweight” rating for the company in a report on Monday, September 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Goldcorp presently has a consensus rating of “Buy” and a consensus target price of $15.64.
Goldcorp (NYSE:GG) (TSE:G) last posted its earnings results on Wednesday, October 24th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $621.00 million during the quarter, compared to the consensus estimate of $714.46 million. Goldcorp had a net margin of 2.47% and a return on equity of 0.97%. On average, research analysts predict that Goldcorp Inc. will post 0.07 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Thursday, December 13th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Wednesday, December 12th. Goldcorp’s payout ratio is currently 20.00%.
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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.
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