Coeur Mining, Inc. (NYSE:CDE) Sees Large Decrease in Short Interest

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 target of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 16,730,000 shares, a decline of 35.9% from the August 15th total of 26,100,000 shares. Based on an average daily volume of 12,900,000 shares, the short-interest ratio is currently 1.3 days. Currently, 2.6% of the shares of the company are short sold. Currently, 2.6% of the shares of the company are short sold. Based on an average daily volume of 12,900,000 shares, the short-interest ratio is currently 1.3 days.

Coeur Mining Trading Up 6.7%

Coeur Mining stock traded up $1.10 during trading hours on Friday, reaching $17.38. 10,530,995 shares of the company's stock were exchanged, compared to its average volume of 16,319,839. Coeur Mining has a twelve month low of $4.58 and a twelve month high of $17.21. The firm's 50 day simple moving average is $11.77 and its 200 day simple moving average is $8.72. The company has a quick ratio of 0.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $11.17 billion, a PE ratio of 46.82 and a beta of 1.19.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Coeur Mining

In related news, CEO Mitchell J. Krebs sold 125,000 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $14.65, for a total value of $1,831,250.00. Following the completion of the transaction, the chief executive officer directly owned 2,197,309 shares of the company's stock, valued at $32,190,576.85. This trade represents a 5.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Casey M. Nault sold 102,257 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $12.00, for a total transaction of $1,227,084.00. Following the sale, the senior vice president directly owned 568,623 shares in the company, valued at $6,823,476. The trade was a 15.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 516,619 shares of company stock valued at $6,626,362. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coeur Mining

Several hedge funds and other institutional investors have recently modified their holdings of the company. MAI Capital Management purchased a new stake in Coeur Mining in the first quarter worth approximately $25,000. Summer Road LLC purchased a new stake in shares of Coeur Mining during the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its stake 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 acquiring an additional 1,435 shares in the last quarter. City State Bank raised its holdings in shares of Coeur Mining by 56.9% in the first quarter. City State Bank now owns 6,274 shares of the basic materials company's stock worth $37,000 after buying an additional 2,274 shares during the last quarter. Finally, Luminist Capital LLC purchased a new position in shares of Coeur Mining in the second quarter worth $40,000. 63.01% of the stock is owned by institutional investors.

Coeur Mining Company Profile

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.