Royal Bank of Canada Downgrades Goldcorp (GG) to Sector Perform

Royal Bank of Canada lowered shares of Goldcorp (NYSE:GG) (TSE:G) from an outperform rating to a sector perform rating in a research report report published on Tuesday, February 26th, Marketbeat Ratings reports. The firm currently has $13.00 price target on the basic materials company’s stock, down from their previous price target of $15.00.

GG has been the subject of a number of other reports. CIBC raised Goldcorp from a neutral rating to a sector outperform rating in a research report on Monday, December 17th. HSBC raised Goldcorp from a hold rating to a buy rating in a research report on Friday, November 16th. UBS Group lowered Goldcorp from a buy rating to a neutral rating and set a $11.00 price objective for the company. in a report on Tuesday, February 12th. Raymond James reissued a market perform rating and set a $14.00 price objective on shares of Goldcorp in a report on Tuesday, January 15th. Finally, TheStreet lowered Goldcorp from a c- rating to a d+ rating in a report on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Goldcorp presently has a consensus rating of Hold and an average target price of $13.33.

Shares of Goldcorp stock traded down $0.06 on Tuesday, hitting $10.85. 22,204,195 shares of the company’s stock traded hands, compared to its average volume of 19,769,533. Goldcorp has a one year low of $8.42 and a one year high of $14.66. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.87 and a quick ratio of 0.47. The firm has a market cap of $9.41 billion, a price-to-earnings ratio of 155.00 and a beta of 0.23.

Goldcorp (NYSE:GG) (TSE:G) last announced its earnings results on Wednesday, February 13th. The basic materials company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. Goldcorp had a positive return on equity of 0.86% and a negative net margin of 136.84%. The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $853.36 million. On average, sell-side analysts expect that Goldcorp will post 0.28 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 22nd. Stockholders of record on Thursday, March 14th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend is Wednesday, March 13th. Goldcorp’s payout ratio is currently 114.29%.

Institutional investors have recently bought and sold shares of the company. Estabrook Capital Management boosted its holdings in shares of Goldcorp by 37.7% in the fourth quarter. Estabrook Capital Management now owns 4,475 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 1,225 shares during the period. We Are One Seven LLC purchased a new stake in shares of Goldcorp in the fourth quarter worth $92,000. Pembroke Management LTD purchased a new stake in shares of Goldcorp in the fourth quarter worth $134,000. Advisor Partners LLC purchased a new stake in shares of Goldcorp in the third quarter worth $107,000. Finally, Brown Advisory Inc. purchased a new stake in shares of Goldcorp in the third quarter worth $111,000. 55.09% of the stock is owned by hedge funds and other institutional investors.

Goldcorp Company Profile

Goldcorp Inc acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. The company primarily explores for gold, zinc, silver, lead, and copper deposits. Its 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.

Further Reading: Cost of Debt

Analyst Recommendations for Goldcorp (NYSE:GG)

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