DRDGOLD (NYSE:DRD) Hits New 52-Week High - Here's Why

Key Points

• DRDGOLD's shares reached a new 52-week high of $26.98 during trading, closing at $26.57 with a significant trading volume of 116,932 shares.
• Research analysts have upgraded DRDGOLD to a "strong-buy" rating, with an average price target of $18.75, reflecting positive growth expectations.
• The company has also declared an annual dividend increase to $0.2269, representing a dividend yield of 202.0%, scheduled for payment on September 22nd.

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s stock price hit a new 52-week high on Monday . The stock traded as high as $26.98 and last traded at $26.57, with a volume of 116932 shares changing hands. The stock had previously closed at $25.59.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DRD. Wall Street Zen downgraded DRDGOLD from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. HC Wainwright lifted their price objective on DRDGOLD from $16.25 to $18.75 and gave the stock a "buy" rating in a report on Thursday, August 21st. Finally, Zacks Research upgraded DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus price target of $18.75.

DRDGOLD Price Performance

The business's 50 day moving average price is $17.55 and its 200-day moving average price is $15.61. The company has a market cap of $2.30 billion, a P/E ratio of 21.07 and a beta of 0.36.

DRDGOLD Increases Dividend

The business also recently declared an annual dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 12th will be paid a dividend of $0.2269 per share. This represents a dividend yield of 202.0%. This is an increase from DRDGOLD's previous annual dividend of $0.16. The ex-dividend date of this dividend is Friday, September 12th. DRDGOLD's payout ratio is currently 29.37%.

Institutional Investors Weigh In On DRDGOLD

A number of institutional investors and hedge funds have recently made changes to their positions in DRD. Banque Cantonale Vaudoise acquired a new position in shares of DRDGOLD in the 1st quarter valued at $39,000. Brooklyn Investment Group increased its stake in shares of DRDGOLD by 769.7% in the 1st quarter. Brooklyn Investment Group now owns 4,105 shares of the basic materials company's stock valued at $64,000 after acquiring an additional 3,633 shares during the last quarter. GAMMA Investing LLC grew its holdings in DRDGOLD by 52.9% during the first quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock valued at $77,000 after purchasing an additional 1,713 shares during the period. Osaic Holdings Inc. increased its stake in DRDGOLD by 11.5% in the second quarter. Osaic Holdings Inc. now owns 6,892 shares of the basic materials company's stock valued at $92,000 after purchasing an additional 713 shares in the last quarter. Finally, Kiker Wealth Management LLC acquired a new stake in DRDGOLD in the second quarter worth $142,000. Institutional investors own 14.70% of the company's stock.

About DRDGOLD

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.