Goldcorp Inc. (GG) Holdings Boosted by Bank of Nova Scotia
Bank of Nova Scotia raised its position in Goldcorp Inc. (NYSE:GG) (TSE:G) by 20.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,883,240 shares of the basic materials company’s stock after purchasing an additional 491,780 shares during the quarter. Bank of Nova Scotia owned about 0.33% of Goldcorp worth $39,423,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. GoodHaven Capital Management LLC acquired a new position in Goldcorp in the 1st quarter valued at about $138,000. Boston Partners acquired a new position in Goldcorp in the 2nd quarter valued at about $174,000. Envestnet Asset Management Inc. boosted its holdings in Goldcorp by 1,425.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,195 shares of the basic materials company’s stock valued at $182,000 after purchasing an additional 12,330 shares during the last quarter. Centaurus Financial Inc. acquired a new position in Goldcorp in the 2nd quarter valued at about $190,000. Finally, Usca Ria LLC acquired a new position in Goldcorp in the 1st quarter valued at about $231,000. Institutional investors own 53.91% of the company’s stock.
Several equities analysts have weighed in on GG shares. TheStreet upgraded shares of Goldcorp from a “c” rating to a “b-” rating in a report on Tuesday, May 22nd. ValuEngine upgraded shares of Goldcorp from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd. Zacks Investment Research lowered shares of Goldcorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. Scotiabank restated a “buy” rating and issued a $17.00 price objective on shares of Goldcorp in a report on Friday, July 27th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $13.00 price objective on shares of Goldcorp in a report on Monday, August 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Goldcorp currently has a consensus rating of “Buy” and a consensus price target of $17.09.
Goldcorp (NYSE:GG) (TSE:G) last issued its quarterly earnings data on Wednesday, July 25th. The basic materials company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). Goldcorp had a return on equity of 1.97% and a net margin of 8.61%. The company had revenue of $793.00 million during the quarter, compared to analyst estimates of $871.54 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. equities analysts expect that Goldcorp Inc. will post 0.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Thursday, September 13th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, September 12th. This is a positive change from Goldcorp’s previous quarterly dividend of $0.02. This represents a $0.08 dividend on an annualized basis and a yield of 0.76%. Goldcorp’s dividend payout ratio is 20.00%.
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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