Coeur Mining (NYSE:CDE) Shares Gap Down on Analyst Downgrade

Shares of Coeur Mining, Inc. (NYSE:CDE – Get Rating) gapped down prior to trading on Friday after Canaccord Genuity Group downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $3.17, but opened at $2.99. Canaccord Genuity Group now has a $3.50 price target on the stock, down from their previous price target of $3.75. Coeur Mining shares last traded at $2.92, with a volume of 85,458 shares.

A number of other equities research analysts have also recently commented on CDE. Raymond James set a $6.00 target price on Coeur Mining and gave the stock a “market perform” rating in a research note on Friday, May 6th. Canaccord Genuity Group downgraded Coeur Mining from a “buy” rating to a “hold” rating and lowered their price target for the company from $3.75 to $3.50 in a report on Friday. Finally, BMO Capital Markets lowered their price target on Coeur Mining from $4.75 to $3.75 and set a “market perform” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.40.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its holdings in Coeur Mining by 56.5% in the first quarter. State Street Corp now owns 27,794,163 shares of the basic materials company’s stock valued at $123,684,000 after acquiring an additional 10,035,506 shares during the period. Van ECK Associates Corp lifted its holdings in Coeur Mining by 12.2% in the second quarter. Van ECK Associates Corp now owns 26,821,281 shares of the basic materials company’s stock valued at $81,537,000 after acquiring an additional 2,909,130 ​​shares during the period. Renaissance Technologies LLC bought a new position in Coeur Mining in the fourth quarter valued at about $9,838,000. Assenagon Asset Management SA bought a new position in Coeur Mining in the first quarter valued at about $7,723,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Coeur Mining by 15.0% in the first quarter. Dimensional Fund Advisors LP now owns 8,632,842 shares of the basic materials company’s stock valued at $38,416,000 after acquiring an additional 1,128,839 shares during the period. 58.12% of the stock is owned by institutional investors.

Coeur Mining Stock Performance

The company has a quick ratio of 0.54, a current ratio of 1.19 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $3.27 and a two-hundred day simple moving average of $4.03. The company has a market cap of $876.11 million, a P/E ratio of -6.24 and a beta of 1.76.

Coeur Mining (NYSE:CDE – Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The basic materials company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The company had revenue of $188.20 million during the quarter, compared to analysts’ expectations of $193.63 million. Coeur Mining had a negative return on equity of 4.91% and a negative net margin of 16.73%. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 EPS. On average, sell-side analysts anticipate that Coeur Mining, Inc. will post -0.03 EPS for the current year.

About Coeur Mining

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Coeur Mining, Inc explores for precious metals in the United States, Canada, and Mexico. The company primarily explores for gold, silver, zinc, and lead properties. It holds 100% interests in the Palmarejo gold and silver mine covering an area of ​​approximately 67,296 net acres located in the State of Chihuahua in Northern Mexico; the Rochester silver and gold mine that covers an area of ​​approximately 43,441net acres situated in northwestern Nevada; the Kensington gold mine comprising 3,972 net acres located to the north of Juneau, Alaska; the Wharf gold mine covering an area of ​​approximately 3,243 net acres situated in the northern Black Hills of western South Dakota; and the Silvertip silver-zinc-lead mine comprising 97,298 net acres located in northern British Columbia, Canada.

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