Goldcorp (NYSE:GG) (TSE:G) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Goldcorp’s growth drivers lie in its vast array of development and exploration projects. The company is progressing well with its key development projects. It also remains focused on reducing mining costs and improving productivity. However, the company’s weakening production is a concern. Moreover, it has a debt-laden balance sheet. Goldcorp is also exposed to a volatile gold pricing environment. It has also underperformed the industry it belongs to over the past six months.”
Other analysts have also issued reports about the stock. Canaccord Genuity upgraded shares of Goldcorp from a “hold” rating to a “buy” rating and set a $16.90 target price for the company in a report on Friday, September 29th. HC Wainwright reiterated a “buy” rating on shares of Goldcorp in a report on Monday, September 25th. Royal Bank of Canada set a $15.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a report on Monday, October 23rd. Jefferies Group set a $13.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a report on Thursday, October 19th. Finally, Desjardins lowered shares of Goldcorp from a “buy” rating to a “hold” rating in a report on Monday, December 11th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $16.65.
Goldcorp (NYSE GG) traded up $0.45 during trading on Tuesday, hitting $14.35. 8,218,235 shares of the stock were exchanged, compared to its average volume of 8,070,000. The company has a current ratio of 1.00, a quick ratio of 0.69 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $12,470.00, a price-to-earnings ratio of 23.92, a P/E/G ratio of 2.52 and a beta of -0.10. Goldcorp has a one year low of $11.64 and a one year high of $17.87.
A number of institutional investors and hedge funds have recently modified their holdings of GG. Investec Asset Management LTD purchased a new stake in Goldcorp in the third quarter worth about $49,710,000. Carmignac Gestion increased its stake in shares of Goldcorp by 11.6% during the third quarter. Carmignac Gestion now owns 30,505,522 shares of the basic materials company’s stock valued at $395,352,000 after purchasing an additional 3,168,910 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Goldcorp by 28.1% during 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 purchasing an additional 2,605,368 shares in the last quarter. Guardian Capital LP increased its stake in shares of Goldcorp by 37.3% during the third quarter. Guardian Capital LP now owns 8,664,209 shares of the basic materials company’s stock valued at $112,193,000 after purchasing an additional 2,354,277 shares in the last quarter. Finally, Flossbach Von Storch AG increased its stake in shares of Goldcorp by 28.0% during the third quarter. Flossbach Von Storch AG now owns 9,157,520 shares of the basic materials company’s stock valued at $118,681,000 after purchasing an additional 2,005,040 shares in the last quarter. Institutional investors and hedge funds own 53.41% 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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