Coeur Mining (NYSE:CDE) Shares Gap Up Following Earnings Beat

Shares of Coeur Mining, Inc. (NYSE:CDE) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.91, but opened at $6.38. Coeur Mining shares last traded at $6.34, with a volume of 4,492,496 shares changing hands.

The basic materials company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.05. Coeur Mining had a negative return on equity of 4.59% and a negative net margin of 8.33%. The business had revenue of $313.50 million during the quarter, compared to the consensus estimate of $289.19 million. During the same period in the prior year, the business posted ($0.05) earnings per share. Coeur Mining’s quarterly revenue was up 61.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

CDE has been the topic of several analyst reports. Canaccord Genuity Group upped their target price on Coeur Mining from $7.00 to $7.75 and gave the company a “buy” rating in a report on Tuesday, October 8th. Cantor Fitzgerald lowered Coeur Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, August 8th. Roth Mkm raised their price objective on Coeur Mining from $8.00 to $8.50 and gave the company a “buy” rating in a research note on Wednesday, September 25th. BMO Capital Markets boosted their price objective on Coeur Mining from $7.50 to $8.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, Raymond James increased their target price on shares of Coeur Mining from $6.25 to $7.00 and gave the company a “market perform” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.81.

Institutional Investors Weigh In On Coeur Mining

Several large investors have recently modified their holdings of the stock. Janus Henderson Group PLC grew its holdings in Coeur Mining by 18.5% during the first quarter. Janus Henderson Group PLC now owns 2,723,185 shares of the basic materials company’s stock valued at $10,254,000 after purchasing an additional 424,835 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Coeur Mining by 149.1% during the 1st quarter. BNP Paribas Financial Markets now owns 323,988 shares of the basic materials company’s stock worth $1,221,000 after acquiring an additional 193,912 shares during the period. Van ECK Associates Corp increased its holdings in Coeur Mining by 1.1% in the 3rd quarter. Van ECK Associates Corp now owns 34,469,783 shares of the basic materials company’s stock worth $251,629,000 after acquiring an additional 365,115 shares during the last quarter. SG Americas Securities LLC raised its stake in Coeur Mining by 247.7% in the 1st quarter. SG Americas Securities LLC now owns 113,038 shares of the basic materials company’s stock valued at $426,000 after acquiring an additional 80,531 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Coeur Mining by 84.6% during the second quarter. AQR Capital Management LLC now owns 487,609 shares of the basic materials company’s stock valued at $2,740,000 after purchasing an additional 223,529 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Coeur Mining Price Performance

The stock has a market cap of $2.53 billion, a P/E ratio of -30.28 and a beta of 1.65. The company has a quick ratio of 0.45, a current ratio of 1.20 and a debt-to-equity ratio of 0.59. The business’s 50-day simple moving average is $6.54 and its two-hundred day simple moving average is $6.00.

Coeur Mining Company Profile

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 markets and sells its concentrates to third-party customers, smelters, under off-take agreements. The company was formerly known as Coeur d'Alene Mines Corporation and changed its name to Coeur Mining, Inc in May 2013.