DRDGOLD (NYSE:DRD) Shares Gap Down - Here's What Happened

Key Points

• DRDGOLD shares gapped down from a previous close of $22.42 to open at $21.84, with the last traded price at $22.25.
• The company announced an increase in its annual dividend to $0.2269 per share, up from $0.16, with a dividend yield of 202.0%.
• Several analysts have adjusted their ratings on DRDGOLD, with the average rating now being "Strong Buy" and a consensus target price of $18.75.

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $22.42, but opened at $21.84. DRDGOLD shares last traded at $22.25, with a volume of 143,882 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on DRD. HC Wainwright boosted 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. Wall Street Zen downgraded DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Finally, Zacks Research upgraded DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat, DRDGOLD presently has an average rating of "Strong Buy" and a consensus target price of $18.75.

DRDGOLD Price Performance

The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 18.46 and a beta of 0.36. The firm has a fifty day moving average of $16.24 and a 200 day moving average of $15.09.

DRDGOLD Increases Dividend

The company also recently declared 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 is an increase from DRDGOLD's previous annual dividend of $0.16. This represents a dividend yield of 202.0%. The ex-dividend date is Friday, September 12th. DRDGOLD's dividend payout ratio (DPR) is 28.57%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. purchased a new stake in DRDGOLD during the 2nd quarter worth about $2,505,000. U S Global Investors Inc. purchased a new stake in DRDGOLD during the 1st quarter worth about $2,150,000. Acadian Asset Management LLC purchased a new stake in DRDGOLD during the 1st quarter worth about $2,055,000. Arrowstreet Capital Limited Partnership lifted its holdings in DRDGOLD by 75.0% during 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 last quarter. Finally, AQR Capital Management LLC purchased a new stake in DRDGOLD during the 1st quarter worth about $1,759,000. 14.70% of the stock is currently owned by hedge funds and other institutional investors.

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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