Caledonia Mining (NYSEAMERICAN:CMCL) Trading Down 7.4% - Here's What Happened

Key Points

• Caledonia Mining's share price dropped by 7.4% to a low of $33.00, with a trading volume of 305,832 shares significantly surpassing its average volume.
• Maxim Group raised their price target for Caledonia Mining's stock from $21.00 to $28.00, maintaining a "buy" rating amid a consensus "buy" rating from analysts.
• The company recently issued a $0.14 quarterly dividend with an annual yield of 1.6%, despite having a high dividend payout ratio of 116.67%.

Caledonia Mining Corporation PLC (NYSEAMERICAN:CMCL - Get Free Report)'s share price was down 7.4% during trading on Thursday . The company traded as low as $33.00 and last traded at $34.82. Approximately 305,832 shares were traded during trading, an increase of 104% from the average daily volume of 149,917 shares. The stock had previously closed at $37.61.

Wall Street Analysts Forecast Growth

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

Caledonia Mining Stock Performance

The company has a market cap of $668.66 million, a P/E ratio of 18.03 and a beta of 0.39. 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 stock has a 50 day moving average price of $28.95 and a two-hundred day moving average price of $20.93.

Caledonia Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, August 22nd. Caledonia Mining's dividend payout ratio (DPR) is currently 116.67%.

Institutional Investors Weigh In On Caledonia Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in shares of Caledonia Mining by 6,486.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $37,000 after buying an additional 1,881 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Caledonia Mining by 2,778.8% in the first quarter. GAMMA Investing LLC now owns 3,397 shares of the company's stock worth $42,000 after purchasing an additional 3,279 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Caledonia Mining by 166.9% in the second quarter. Legal & General Group Plc now owns 3,617 shares of the company's stock worth $70,000 after purchasing an additional 2,262 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Caledonia Mining by 56.2% in the first quarter. Russell Investments Group Ltd. now owns 6,005 shares of the company's stock worth $75,000 after purchasing an additional 2,160 shares during the last quarter. Finally, Osaic Holdings Inc. raised its stake in shares of Caledonia Mining by 81.8% in the second quarter. Osaic Holdings Inc. now owns 4,192 shares of the company's stock worth $81,000 after purchasing an additional 1,886 shares during the last quarter. Institutional investors own 31.78% of the company's stock.

Caledonia Mining Company Profile

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.

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