DRDGOLD (NYSE:DRD) Hits New 12-Month High - What's Next?

Key Points

• DRDGOLD Limited has reached a new 52-week high, trading at $21.66, with significant volume of 578,834 shares.
• The company announced an increase in its annual dividend to $0.2269 per share, reflecting a high yield of 170.0% and a payout ratio of 28.57%.
• Various analysts have issued mixed ratings on DRDGOLD, with an average rating of "Strong Buy" and a consensus price target raised to $18.75.

DRDGOLD Limited (NYSE:DRD - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $21.66 and last traded at $21.54, with a volume of 578834 shares trading hands. The stock had previously closed at $21.22.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DRD. HC Wainwright raised their price target on DRDGOLD from $16.25 to $18.75 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Zacks Research raised DRDGOLD from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 25th. Finally, Wall Street Zen downgraded DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy" and a consensus price target of $18.75.

DRDGOLD Stock Performance

The company has a market capitalization of $1.86 billion, a P/E ratio of 17.09 and a beta of 0.36. The stock has a fifty day moving average of $15.53 and a 200 day moving average of $14.78.

DRDGOLD Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 12th will be given a dividend of $0.2269 per share. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend is Friday, September 12th. This is an increase from DRDGOLD's previous annual dividend of $0.16. DRDGOLD's payout ratio is presently 28.57%.

Institutional Investors Weigh In On DRDGOLD

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. bought a new position in shares of DRDGOLD in the second quarter worth approximately $2,505,000. U S Global Investors Inc. bought a new stake in shares of DRDGOLD during the 1st quarter valued at $2,150,000. Acadian Asset Management LLC purchased a new position in shares of DRDGOLD during the 1st quarter valued at $2,055,000. Arrowstreet Capital Limited Partnership boosted its holdings in DRDGOLD by 75.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 291,249 shares of the basic materials company's stock worth $3,882,000 after buying an additional 124,831 shares during the period. Finally, AQR Capital Management LLC bought a new position in DRDGOLD in the 1st quarter worth $1,759,000. Institutional investors own 14.70% of the company's stock.

DRDGOLD Company Profile

DRDGOLD Limited, a gold mining company, engages in the surface gold tailings retreatment business in South Africa. It also involved in the exploration, extraction, processing, and smelting activities. The company recovers gold from surface tailings in the Witwatersrand basin in Gauteng province. DRDGOLD Limited was formerly known as Durban Roodepoort Deep Limited and changed its name to DRDGOLD Limited in 2004.

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