Centerra Gold (NYSE:CGAU) Shares Gap Down – Here’s What Happened

Centerra Gold Inc. (NYSE:CGAU) gapped down prior to trading on Monday . The stock had previously closed at $7.28, but opened at $6.95. Centerra Gold shares last traded at $6.86, with a volume of 93,501 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CGAU. Scotiabank reiterated an “outperform” rating on shares of Centerra Gold in a research note on Monday, April 14th. National Bank Financial raised Centerra Gold to a “strong-buy” rating in a report on Friday, March 21st. CIBC reiterated a “neutral” rating on shares of Centerra Gold in a research note on Thursday, March 20th. Raymond James reiterated an “outperform” rating on shares of Centerra Gold in a research note on Friday, April 4th. Finally, Desjardins downgraded shares of Centerra Gold from a “moderate buy” rating to a “hold” rating in a research report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Centerra Gold Stock Performance

The stock’s 50-day moving average price is $6.34 and its 200-day moving average price is $6.20. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 18.49 and a beta of 0.80.

Centerra Gold (NYSE:CGAU) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. Centerra Gold had a net margin of 6.62% and a return on equity of 8.83%. The company had revenue of $299.50 million during the quarter, compared to the consensus estimate of $288.25 million. Analysts anticipate that Centerra Gold Inc. will post 0.59 earnings per share for the current year.

Centerra Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, May 22nd. This represents a $0.28 annualized dividend and a dividend yield of 4.21%. Centerra Gold’s dividend payout ratio is currently 100.00%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CGAU. Donald Smith & CO. Inc. raised its position in shares of Centerra Gold by 30.1% during the 4th quarter. Donald Smith & CO. Inc. now owns 8,723,060 shares of the company’s stock worth $49,634,000 after purchasing an additional 2,017,756 shares during the last quarter. Amundi raised its position in shares of Centerra Gold by 168.6% during the 4th quarter. Amundi now owns 2,628,623 shares of the company’s stock worth $15,377,000 after purchasing an additional 1,650,160 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Centerra Gold by 24.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,808,773 shares of the company’s stock worth $33,028,000 after purchasing an additional 1,126,825 shares during the last quarter. Man Group plc raised its position in shares of Centerra Gold by 43.2% during the 4th quarter. Man Group plc now owns 3,038,739 shares of the company’s stock worth $17,283,000 after purchasing an additional 916,255 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Centerra Gold by 34.1% during the 4th quarter. American Century Companies Inc. now owns 3,291,860 shares of the company’s stock worth $18,733,000 after purchasing an additional 836,777 shares during the last quarter. 55.40% of the stock is currently owned by institutional investors and hedge funds.

About Centerra Gold

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.