National Bank Financial Initiates Coverage on Goldcorp Inc. (GG)

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Analysts at National Bank Financial began coverage on shares of Goldcorp Inc. (NYSE:GG) in a research report issued on Thursday. The brokerage set an “outperform” rating on the stock.
GG has been the subject of a number of other research reports. HSBC reiterated a “buy” rating on shares of Goldcorp in a report on Thursday, July 7th. Citigroup Inc. assumed coverage on Goldcorp in a report on Tuesday, August 2nd. They issued a “neutral” rating and a $20.00 price objective for the company. Credit Suisse Group AG reiterated a “hold” rating on shares of Goldcorp in a report on Saturday, May 14th. Jefferies Group increased their price objective on Goldcorp from $17.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Finally, Zacks Investment Research downgraded Goldcorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Goldcorp has a consensus rating of “Hold” and an average price target of $19.24.
Shares of Goldcorp (NYSE:GG) traded down 3.69% during midday trading on Thursday, reaching $15.92. The company had a trading volume of 8,362,596 shares. The company has a 50 day moving average of $17.51 and a 200 day moving average of $17.46. The firm’s market capitalization is $13.58 billion. Goldcorp has a 12-month low of $9.46 and a 12-month high of $20.38.

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Goldcorp (NYSE:GG) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.12. The firm earned $921 million during the quarter, compared to the consensus estimate of $882.55 million. Goldcorp had a negative return on equity of 0.71% and a negative net margin of 115.33%. Goldcorp’s revenue for the quarter was down 30.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 EPS. Analysts anticipate that Goldcorp will post $0.37 EPS for the current year.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Lowe fs LLC increased its position in Goldcorp by 0.5% in the second quarter. Lowe fs LLC now owns 66,826 shares of the company’s stock valued at $1,278,000 after buying an additional 306 shares during the period. Creative Planning increased its position in Goldcorp by 1.2% in the second quarter. Creative Planning now owns 29,711 shares of the company’s stock valued at $568,000 after buying an additional 339 shares during the period. Cypress Asset Management Inc. TX increased its position in Goldcorp by 9.7% in the second quarter. Cypress Asset Management Inc. TX now owns 16,221 shares of the company’s stock valued at $310,000 after buying an additional 1,432 shares during the period. BARING ASSET MANAGEMENT Ltd increased its position in Goldcorp by 15.4% in the second quarter. BARING ASSET MANAGEMENT Ltd now owns 13,418 shares of the company’s stock valued at $257,000 after buying an additional 1,787 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its position in Goldcorp by 3.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 65,399 shares of the company’s stock valued at $1,061,000 after buying an additional 2,196 shares during the period. 60.74% of the stock is currently owned by institutional investors and hedge funds.
About Goldcorp
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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