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

Key Points

• DRDGOLD Limited's share price recently hit a new 52-week high of $23.38, reflecting strong trading volume with a total of 1,254,774 shares traded.
• The company's annual dividend has been increased to $0.2269, up from $0.16, with a dividend yield of 202.0% set to be paid to stockholders on September 22nd.
• Several analysts have issued positive reports on DRDGOLD, resulting in a consensus rating of "Strong Buy" and an increased price target of $18.75.

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $23.38 and last traded at $23.33, with a volume of 1254774 shares traded. The stock had previously closed at $22.42.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DRD. HC Wainwright raised their price target on DRDGOLD from $16.25 to $18.75 and gave the company a "buy" rating in a research note on Thursday, August 21st. Zacks Research upgraded DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note 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 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 company presently has an average rating of "Strong Buy" and a consensus target price of $18.75.

DRDGOLD Stock Performance

The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 20.36 and a beta of 0.36. The company has a fifty day simple moving average of $17.30 and a 200 day simple moving average of $15.47.

DRDGOLD Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 12th will be given a $0.2269 dividend. This represents a dividend yield of 202.0%. This is a boost from DRDGOLD's previous annual dividend of $0.16. The ex-dividend date is Friday, September 12th. DRDGOLD's dividend payout ratio (DPR) is 29.37%.

Institutional Trading of DRDGOLD

Several large investors have recently modified their holdings of DRD. Rockefeller Capital Management L.P. purchased a new position in shares of DRDGOLD during the second quarter valued at approximately $2,505,000. U S Global Investors Inc. purchased a new stake in DRDGOLD in the 1st quarter worth $2,150,000. Acadian Asset Management LLC purchased a new stake in shares of DRDGOLD during the 1st quarter valued at about $2,055,000. Arrowstreet Capital Limited Partnership grew its stake 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 acquiring an additional 124,831 shares in the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of DRDGOLD during the first quarter valued at approximately $1,759,000. 14.70% of the stock is owned by institutional investors.

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.