Centerra Gold Inc. (NYSE:CGAU) Sees Significant Decrease in Short Interest

Key Points

• Centerra Gold Inc. experienced a significant decrease in short interest, with shares sold short dropping by 30.0% from 3,700,000 to 2,590,000 as of September 30th.
• Institutional investors now hold 55.40% of Centerra Gold's stock, with several firms, including Osaic Holdings Inc. and Olympiad Research LP, increasing their investments during the second quarter.
• The company announced a quarterly dividend of $0.07 per share, representing an annualized dividend of $0.28 and a yield of 2.5%.

Centerra Gold Inc. (NYSE:CGAU - Get Free Report) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totaling 2,590,000 shares, a decrease of 30.0% from the September 15th total of 3,700,000 shares. Based on an average daily volume of 1,660,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.3% of the shares of the stock are sold short. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily volume of 1,660,000 shares, the days-to-cover ratio is presently 1.6 days.

Hedge Funds Weigh In On Centerra Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC bought a new position in shares of Centerra Gold during the 2nd quarter valued at $27,000. Osaic Holdings Inc. grew its holdings in shares of Centerra Gold by 63.0% during the 2nd quarter. Osaic Holdings Inc. now owns 4,758 shares of the company's stock valued at $34,000 after purchasing an additional 1,839 shares during the last quarter. Pinnacle Holdings LLC bought a new position in shares of Centerra Gold during the 1st quarter valued at $39,000. Carrera Capital Advisors bought a new position in shares of Centerra Gold during the 2nd quarter valued at $81,000. Finally, Olympiad Research LP bought a new stake in Centerra Gold in the 2nd quarter worth $89,000. Institutional investors own 55.40% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on CGAU shares. BMO Capital Markets reiterated a "market perform" rating on shares of Centerra Gold in a research note on Monday, September 15th. Raymond James Financial cut shares of Centerra Gold from a "moderate buy" rating to a "hold" rating in a research report on Friday, October 10th. CIBC restated an "outperform" rating on shares of Centerra Gold in a research report on Tuesday, July 15th. Royal Bank Of Canada cut shares of Centerra Gold from an "outperform" rating to a "sector perform" rating and raised their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, September 10th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Centerra Gold in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Centerra Gold currently has an average rating of "Moderate Buy" and a consensus target price of $14.17.

Centerra Gold Stock Performance

Shares of CGAU stock traded up $0.25 on Thursday, hitting $11.28. 1,543,110 shares of the company's stock traded hands, compared to its average volume of 1,200,366. Centerra Gold has a one year low of $5.41 and a one year high of $12.80. The company's fifty day simple moving average is $9.61 and its 200 day simple moving average is $7.89. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 0.70 and a beta of 0.88.

Centerra Gold (NYSE:CGAU - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.17 by $0.08. Centerra Gold had a net margin of 6.21% and a return on equity of 9.12%. The company had revenue of $288.30 million for the quarter, compared to analyst estimates of $319.42 million. As a group, sell-side analysts anticipate that Centerra Gold will post 0.59 earnings per share for the current fiscal year.

Centerra Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.28 annualized dividend and a dividend yield of 2.5%. Centerra Gold's dividend payout ratio (DPR) is currently 60.61%.

About Centerra Gold

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.

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