Centerra Gold (NYSE:CGAU) Hits New 12-Month High – Here’s Why

Centerra Gold Inc. (NYSE:CGAU)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $22.98 and last traded at $22.8740, with a volume of 242017 shares changing hands. The stock had previously closed at $21.28.

Analyst Ratings Changes

CGAU has been the topic of several research reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Centerra Gold in a research report on Thursday, July 30th. Weiss Ratings downgraded Centerra Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Scotiabank restated an “outperform” rating on shares of Centerra Gold in a research note on Tuesday, August 4th. Finally, Wall Street Zen downgraded Centerra Gold from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Centerra Gold currently has an average rating of “Moderate Buy” and an average price target of $17.50.

Centerra Gold Stock Up 4.2%

The firm has a fifty day simple moving average of $17.60 and a 200-day simple moving average of $17.86. The company has a market capitalization of $4.62 billion, a PE ratio of 7.52, a P/E/G ratio of 0.84 and a beta of 0.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.49 and a current ratio of 2.42.

Centerra Gold (NYSE:CGAU) last released its earnings results on Tuesday, July 28th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $442.71 million during the quarter, compared to the consensus estimate of $394.27 million. Centerra Gold had a net margin of 36.92% and a return on equity of 15.35%. Equities research analysts anticipate that Centerra Gold Inc. will post 1.63 EPS for the current fiscal year.

Centerra Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.28 annualized dividend and a dividend yield of 1.2%. Centerra Gold’s dividend payout ratio (DPR) is 6.39%.

Institutional Trading of Centerra Gold

Several hedge funds have recently bought and sold shares of CGAU. Donald Smith & CO. Inc. acquired a new stake in shares of Centerra Gold in the second quarter valued at approximately $245,004,000. Goldman Sachs Group Inc. increased its position in Centerra Gold by 57.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 13,344,727 shares of the company’s stock valued at $84,739,000 after acquiring an additional 4,853,494 shares during the period. FIL Ltd acquired a new position in shares of Centerra Gold during the fourth quarter valued at $35,991,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Centerra Gold during the second quarter valued at about $37,142,000. Finally, Heartland Advisors Inc. bought a new stake in shares of Centerra Gold during the 2nd quarter worth about $34,082,000. 55.40% of the stock is currently owned by institutional investors.

About Centerra Gold

Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra’s portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact.

In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada’s largest gold mines.