Caledonia Mining (NYSEAMERICAN:CMCL) Trading Down 8.5% - Should You Sell?

Key Points

• Caledonia Mining's stock fell by 8.5% on Friday, trading as low as $33.59, with a trading volume increase of 55% from the average.
• Maxim Group raised its target price for the stock from $21.00 to $28.00 and maintains a "buy" rating, contributing to an average consensus rating of "buy."
• The company announced a quarterly dividend of $0.14 per share, resulting in a 1.6% dividend yield, with a payout ratio of 116.67%.

Caledonia Mining Corporation PLC (NYSEAMERICAN:CMCL - Get Free Report) was down 8.5% during trading on Friday . The company traded as low as $33.59 and last traded at $34.09. Approximately 241,526 shares were traded during trading, an increase of 55% from the average daily volume of 155,843 shares. The stock had previously closed at $37.27.

Analysts Set New Price Targets

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

Caledonia Mining Stock Performance

The stock has a 50-day moving average of $30.44 and a 200-day moving average of $21.78. The firm has a market cap of $653.81 million, a price-to-earnings ratio of 17.65 and a beta of 0.39. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.10 and a current ratio of 1.65.

Caledonia Mining Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 22nd were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $0.56 annualized dividend and a dividend yield of 1.6%. Caledonia Mining's payout ratio is 116.67%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Ethic Inc. increased its position in shares of Caledonia Mining by 18.3% during the 3rd quarter. Ethic Inc. now owns 27,869 shares of the company's stock worth $1,009,000 after purchasing an additional 4,316 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Caledonia Mining by 81.8% during the 2nd 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. Bridgeway Capital Management LLC increased its position in shares of Caledonia Mining by 28.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 146,738 shares of the company's stock worth $2,835,000 after purchasing an additional 32,084 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Caledonia Mining by 1,707.3% during the 2nd quarter. Bank of America Corp DE now owns 17,857 shares of the company's stock worth $345,000 after acquiring an additional 18,968 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Caledonia Mining by 2.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 75,875 shares of the company's stock worth $1,466,000 after acquiring an additional 1,720 shares during the period. Institutional investors and hedge funds own 31.78% of the company's stock.

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.

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