Coeur Mining, Inc. (NYSE:CDE) Short Interest Down 35.9% in August

Key Points

• Short interest in Coeur Mining decreased by 35.9% in August, with 16,730,000 shares short sold as of August 31, down from 26,100,000 shares on August 15.
• The company's quarterly earnings exceeded expectations, reporting $0.20 earnings per share and revenue of $480.65 million, both higher than analysts' predictions.
• Coeur Mining received multiple upgrades from analysts, including a "strong-buy" rating from National Bank Financial and increased price targets from various firms, reflecting positive sentiment towards the stock.

Coeur Mining, Inc. (NYSE:CDE - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 16,730,000 shares, a decrease of 35.9% from the August 15th total of 26,100,000 shares. Based on an average daily trading volume, of 12,900,000 shares, the days-to-cover ratio is presently 1.3 days. Currently, 2.6% of the company's shares are short sold. Currently, 2.6% of the company's shares are short sold. Based on an average daily trading volume, of 12,900,000 shares, the days-to-cover ratio is presently 1.3 days.

Coeur Mining Stock Performance

Shares of NYSE:CDE opened at $15.54 on Monday. The business's 50-day simple moving average is $11.19 and its 200 day simple moving average is $8.46. The company has a market cap of $9.99 billion, a P/E ratio of 42.01 and a beta of 1.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.60 and a current ratio of 1.61. Coeur Mining has a one year low of $4.58 and a one year high of $15.75.

Coeur Mining (NYSE:CDE - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. The firm had revenue of $480.65 million during the quarter, compared to analysts' expectations of $438.40 million. Coeur Mining had a return on equity of 14.38% and a net margin of 13.06%.Coeur Mining's quarterly revenue was up 116.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, sell-side analysts forecast that Coeur Mining will post 0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CDE shares. National Bank Financial upgraded Coeur Mining to a "strong-buy" rating in a report on Thursday, June 12th. National Bankshares set a $12.00 price objective on Coeur Mining in a report on Friday, June 13th. BMO Capital Markets lifted their price objective on Coeur Mining from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Roth Capital reissued a "buy" rating and set a $13.00 target price on shares of Coeur Mining in a research report on Thursday, August 7th. Finally, Zacks Research raised shares of Coeur Mining to a "hold" rating in a research report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $9.79.

Insider Transactions at Coeur Mining

In other Coeur Mining news, Director Pierre Beaudoin sold 48,362 shares of Coeur Mining stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $11.57, for a total value of $559,548.34. Following the completion of the sale, the director owned 140,000 shares in the company, valued at $1,619,800. The trade was a 25.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Kenneth J. Watkinson sold 8,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $11.62, for a total transaction of $92,960.00. Following the completion of the sale, the chief accounting officer directly owned 143,007 shares in the company, valued at $1,661,741.34. This represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 516,619 shares of company stock worth $6,626,362 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coeur Mining

A number of large investors have recently added to or reduced their stakes in CDE. EverSource Wealth Advisors LLC lifted its holdings in Coeur Mining by 74.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,368 shares of the basic materials company's stock worth $30,000 after buying an additional 1,435 shares in the last quarter. MAI Capital Management acquired a new position in shares of Coeur Mining in the first quarter worth about $25,000. Luminist Capital LLC purchased a new position in Coeur Mining in the second quarter valued at about $40,000. Summer Road LLC purchased a new position in Coeur Mining in the first quarter valued at about $28,000. Finally, City State Bank grew its stake in Coeur Mining by 56.9% during the 1st quarter. City State Bank now owns 6,274 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 2,274 shares in the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

About Coeur Mining

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.

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