Goldcorp (GG) Coverage Initiated by Analysts at Barclays

Barclays initiated coverage on shares of Goldcorp (NYSE:GG) (TSE:G) in a report released on Wednesday morning, The Fly reports. The firm issued an overweight rating and a $14.00 target price on the basic materials company’s stock.

Several other research firms have also commented on GG. Zacks Investment Research lowered shares of Goldcorp from a hold rating to a sell rating in a research note on Tuesday, July 3rd. ValuEngine lowered shares of Goldcorp from a hold rating to a sell rating in a research note on Monday, July 16th. Scotiabank restated a buy rating and set a $17.00 price target on shares of Goldcorp in a research note on Friday, July 27th. Jefferies Financial Group restated a hold rating and set a $13.00 price target on shares of Goldcorp in a research note on Monday, August 6th. Finally, TheStreet lowered shares of Goldcorp from a b- rating to a c+ rating in a research note on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $16.02.

NYSE:GG traded down $0.04 on Wednesday, hitting $10.76. The stock had a trading volume of 12,701,401 shares, compared to its average volume of 6,791,604. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.57 and a current ratio of 1.01. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 3.96 and a beta of -0.09. Goldcorp has a 1 year low of $9.75 and a 1 year high of $15.55.

Goldcorp (NYSE:GG) (TSE:G) last posted its quarterly earnings data on Wednesday, July 25th. The basic materials company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.02). The firm had revenue of $793.00 million during the quarter, compared to analysts’ expectations of $871.54 million. Goldcorp had a net margin of 8.61% and a return on equity of 1.97%. During the same quarter last year, the business posted $0.16 EPS. As a group, sell-side analysts forecast that Goldcorp will post 0.26 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Thursday, September 13th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.74%. This is a positive change from Goldcorp’s previous quarterly dividend of $0.02. Goldcorp’s dividend payout ratio (DPR) is presently 20.00%.

Several hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new position in Goldcorp in the 2nd quarter worth approximately $19,927,000. Virginia Retirement Systems ET AL boosted its holdings in Goldcorp by 527.2% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 1,327,190 shares of the basic materials company’s stock worth $18,211,000 after buying an additional 1,115,590 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Goldcorp by 29.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,588,942 shares of the basic materials company’s stock worth $62,914,000 after buying an additional 1,056,515 shares during the period. CIBC Asset Management Inc boosted its holdings in Goldcorp by 6.6% in the 2nd quarter. CIBC Asset Management Inc now owns 16,998,877 shares of the basic materials company’s stock worth $233,435,000 after buying an additional 1,045,326 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in Goldcorp by 15.6% in the 2nd quarter. Toronto Dominion Bank now owns 7,142,615 shares of the basic materials company’s stock worth $98,460,000 after buying an additional 966,420 shares during the period. Institutional investors own 53.88% of the company’s stock.

About Goldcorp

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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