Goldcorp (NYSE:GG) (TSE:G) was downgraded by analysts at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, November 22nd, MarketBeat reports. They currently have a $14.80 price target on the basic materials company’s stock. HSBC’s price target points to a potential upside of 23.13% from the company’s current price.
A number of other brokerages have also issued reports on GG. Zacks Investment Research lowered shares of Goldcorp from a “hold” rating to a “sell” rating in a report on Monday, October 9th. Royal Bank Of Canada raised shares of Goldcorp from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $15.00 to $18.00 in a report on Wednesday, November 1st. J P Morgan Chase & Co raised their target price on shares of Goldcorp from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, November 15th. National Bank Financial raised shares of Goldcorp from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 26th. Finally, Scotiabank set a $18.00 price objective on shares of Goldcorp and gave the stock an “outperform” rating in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $16.76.
Shares of Goldcorp (GG) traded down $0.06 during midday trading on Wednesday, hitting $12.02. 8,904,230 shares of the stock were exchanged, compared to its average volume of 7,462,624. Goldcorp has a 12-month low of $11.91 and a 12-month high of $17.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.69 and a current ratio of 1.00. The stock has a market cap of $10,440.00, a P/E ratio of 23.19, a PEG ratio of 2.97 and a beta of -0.10.
Several hedge funds have recently modified their holdings of GG. First Eagle Investment Management LLC boosted its position in Goldcorp by 3.1% in the third quarter. First Eagle Investment Management LLC now owns 35,890,978 shares of the basic materials company’s stock valued at $465,147,000 after buying an additional 1,076,629 shares during the last quarter. Carmignac Gestion boosted its position in Goldcorp by 11.6% in the third quarter. Carmignac Gestion now owns 30,505,522 shares of the basic materials company’s stock valued at $395,352,000 after buying an additional 3,168,910 shares during the last quarter. Vanguard Group Inc. boosted its position in Goldcorp by 4.1% in the second quarter. Vanguard Group Inc. now owns 20,163,542 shares of the basic materials company’s stock valued at $260,311,000 after buying an additional 801,859 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Goldcorp by 28.1% in the third quarter. CIBC Asset Management Inc now owns 11,876,598 shares of the basic materials company’s stock valued at $153,791,000 after acquiring an additional 2,605,368 shares during the period. Finally, CIBC World Markets Inc. lifted its holdings in Goldcorp by 91.2% in the second quarter. CIBC World Markets Inc. now owns 10,717,490 shares of the basic materials company’s stock valued at $138,363,000 after acquiring an additional 5,112,943 shares during the period. Institutional investors and hedge funds own 53.50% of the company’s stock.
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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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