Goldcorp (GG) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Goldcorp (NYSE:GG) (TSE:G) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $14.00 price objective on the basic materials company’s stock.
According to Zacks, “Estimates for Goldcorp for the current quarter and current year have been going up lately. Goldcorp’s focus on reducing mining costs will boost its margins. The company is also likely to gain from its key exploration projects that will drive future production and reserve growth.”
Several other brokerages have also recently issued reports on GG. JPMorgan Chase & Co. boosted their price target on Goldcorp from $16.00 to $18.00 and gave the company an overweight rating in a research note on Wednesday, November 15th. HSBC cut Goldcorp from a buy rating to a hold rating and set a $14.80 price target for the company. in a research note on Wednesday, November 22nd. Jefferies Group set a $13.00 price target on Goldcorp and gave the company a hold rating in a research note on Thursday, October 19th. Scotiabank cut their price target on Goldcorp from $18.00 to $17.00 and set an outperform rating for the company in a research note on Monday, October 30th. Finally, Royal Bank of Canada set a $15.00 target price on Goldcorp and gave the stock a hold rating in a research note on Monday, October 23rd. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $16.58.
Shares of Goldcorp (GG) opened at $12.68 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.00 and a quick ratio of 0.69. The stock has a market capitalization of $10,860.00, a P/E ratio of 21.13, a P/E/G ratio of 2.94 and a beta of -0.10. Goldcorp has a 12 month low of $11.64 and a 12 month high of $17.87.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 22nd. Shareholders of record on Thursday, December 14th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.63%. The ex-dividend date was Wednesday, December 13th. Goldcorp’s payout ratio is presently 13.33%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GG. Moors & Cabot Inc. lifted its stake in shares of Goldcorp by 1.1% in the 2nd quarter. Moors & Cabot Inc. now owns 24,454 shares of the basic materials company’s stock valued at $313,000 after acquiring an additional 275 shares during the last quarter. Lehman Financial Resources Inc. lifted its stake in shares of Goldcorp by 0.4% in the 2nd quarter. Lehman Financial Resources Inc. now owns 68,701 shares of the basic materials company’s stock valued at $891,000 after acquiring an additional 300 shares during the last quarter. Boyer & Corporon Wealth Management LLC lifted its stake in shares of Goldcorp by 2.1% in the 2nd quarter. Boyer & Corporon Wealth Management LLC now owns 19,429 shares of the basic materials company’s stock valued at $251,000 after acquiring an additional 403 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Goldcorp by 0.7% in the 2nd quarter. Stifel Financial Corp now owns 58,951 shares of the basic materials company’s stock valued at $761,000 after acquiring an additional 430 shares during the last quarter. Finally, Highlander Capital Management LLC lifted its stake in shares of Goldcorp by 4.7% in the 2nd quarter. Highlander Capital Management LLC now owns 11,125 shares of the basic materials company’s stock valued at $142,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors 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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