DRDGOLD (NYSE:DRD) Trading Down 6.9% - What's Next?

Key Points

• DRDGOLD shares fell 6.9% on Thursday, trading as low as $27.79, following a previous close of $29.83, with trading volume slightly below average.
• Wall Street analysts maintain a consensus "Buy" rating for DRDGOLD, with price targets reaching up to $30.50 from several research firms.
• The company has increased its annual dividend to $0.2269, representing a yield of 202.0%, up from the previous dividend of $0.16.

Shares of DRDGOLD Limited (NYSE:DRD - Get Free Report) were down 6.9% on Thursday . The stock traded as low as $27.83 and last traded at $27.79. Approximately 520,646 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 528,311 shares. The stock had previously closed at $29.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on DRD shares. Wall Street Zen cut DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. HC Wainwright increased their price target on DRDGOLD from $18.75 to $30.50 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Zacks Research raised DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of DRDGOLD in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat, DRDGOLD has a consensus rating of "Buy" and a consensus target price of $30.50.

DRDGOLD Trading Down 6.2%

The firm has a 50-day moving average of $21.22 and a 200 day moving average of $16.84. The company has a market cap of $2.42 billion, a P/E ratio of 22.21 and a beta of 0.36.

DRDGOLD Increases Dividend

The company also recently declared an annual dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 12th were issued a $0.2269 dividend. The ex-dividend date was Friday, September 12th. This is an increase from DRDGOLD's previous annual dividend of $0.16. This represents a yield of 202.0%. DRDGOLD's dividend payout ratio is currently 29.37%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its holdings in DRDGOLD by 0.4% in the second quarter. American Century Companies Inc. now owns 945,945 shares of the basic materials company's stock worth $12,609,000 after acquiring an additional 4,030 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DRDGOLD by 9.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 564,067 shares of the basic materials company's stock worth $7,519,000 after acquiring an additional 49,868 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in DRDGOLD by 75.0% in the second 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. U S Global Investors Inc. boosted its holdings in DRDGOLD by 91.3% in the second quarter. U S Global Investors Inc. now owns 265,755 shares of the basic materials company's stock worth $3,543,000 after acquiring an additional 126,804 shares in the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in DRDGOLD in the second quarter worth approximately $2,505,000. 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.

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