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

Coeur Mining, Inc. (NYSE:CDE) gapped up prior to trading on Thursday following a better than expected earnings announcement. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.05. Coeur Mining had a negative net margin of 8.33% and a negative return on equity of 4.59%. The business had revenue of $313.50 million for the quarter, compared to analyst estimates of $289.19 million. During the same quarter in the prior year, the business posted ($0.05) EPS. Coeur Mining’s revenue for the quarter was up 61.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its stake 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 worth $10,254,000 after purchasing an additional 424,835 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Coeur Mining by 149.1% in the first quarter. BNP Paribas Financial Markets now owns 323,988 shares of the basic materials company’s stock valued at $1,221,000 after buying an additional 193,912 shares during the last quarter. Van ECK Associates Corp lifted its stake in Coeur Mining by 1.1% in the third quarter. Van ECK Associates Corp now owns 34,469,783 shares of the basic materials company’s stock valued at $251,629,000 after buying an additional 365,115 shares during the last quarter. SG Americas Securities LLC lifted its stake in Coeur Mining by 247.7% in the first quarter. SG Americas Securities LLC now owns 113,038 shares of the basic materials company’s stock valued at $426,000 after buying an additional 80,531 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Coeur Mining by 84.6% in 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 buying an additional 223,529 shares during the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Coeur Mining Price Performance

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 company has a market capitalization of $2.63 billion, a P/E ratio of -31.38 and a beta of 1.65. The business has a 50 day simple moving average of $6.54 and a 200-day simple moving average of $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.