Caledonia Mining (NYSEAMERICAN:CMCL) Stock Price Up 4.8% - What's Next?

Key Points

• Caledonia Mining's stock price increased by 4.8%, closing at $35.54, with a decrease in trading volume by 25% compared to its average.
• The stock received a price target upgrade from $21.00 to $28.00 from Maxim Group, maintaining a consensus rating of "Buy."
• Caledonia Mining announced a quarterly dividend of $0.14, representing an annualized yield of 1.5%, despite a high payout ratio of 116.67%.

Caledonia Mining Corporation PLC (NYSEAMERICAN:CMCL - Get Free Report) shares rose 4.8% during mid-day trading on Friday . The company traded as high as $35.62 and last traded at $35.54. Approximately 107,210 shares traded hands during trading, a decline of 25% from the average daily volume of 143,285 shares. The stock had previously closed at $33.92.

Analyst Upgrades and Downgrades

Separately, Maxim Group lifted their price objective on shares of Caledonia Mining from $21.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $28.00.

Caledonia Mining Stock Performance

The company has a quick ratio of 1.10, a current ratio of 1.65 and a debt-to-equity ratio of 0.05. The company has a market cap of $697.69 million, a P/E ratio of 18.81 and a beta of 0.35. The business has a fifty day moving average of $25.88 and a 200 day moving average of $19.17.

Caledonia Mining Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were issued a $0.14 dividend. The ex-dividend date was Friday, August 22nd. This represents a $0.56 dividend on an annualized basis and a yield of 1.5%. Caledonia Mining's dividend payout ratio is 116.67%.

Hedge Funds Weigh In On Caledonia Mining

Several institutional investors and hedge funds have recently modified their holdings of CMCL. EverSource Wealth Advisors LLC increased its holdings in shares of Caledonia Mining by 6,486.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $37,000 after acquiring an additional 1,881 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Caledonia Mining by 2,778.8% during the first quarter. GAMMA Investing LLC now owns 3,397 shares of the company's stock valued at $42,000 after acquiring an additional 3,279 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Caledonia Mining during the fourth quarter valued at $61,000. Legal & General Group Plc increased its holdings in shares of Caledonia Mining by 166.9% during the second quarter. Legal & General Group Plc now owns 3,617 shares of the company's stock valued at $70,000 after acquiring an additional 2,262 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Caledonia Mining by 56.2% during the first quarter. Russell Investments Group Ltd. now owns 6,005 shares of the company's stock valued at $75,000 after acquiring an additional 2,160 shares in the last quarter. 31.78% of the stock is currently owned by institutional investors.

About Caledonia Mining

Caledonia Mining Corporation Plc primarily operates a gold mine. It also engages in the exploration and development of mineral properties for precious metals. The company holds a 64% interest in the Blanket Mine, a gold mine located in Zimbabwe. It also owns 100% interests in the Maligreen project, a brownfield gold exploration project located in the Gweru mining district in the Zimbabwe Midlands; the Bilboes, a gold deposit located to the north of Bulawayo, Zimbabwe; and the Motapa, a gold exploration property located in Southern Zimbabwe.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.