Allianz Asset Management GmbH Takes Position in Oceanagold Corp. $OGC

Key Points

• Allianz Asset Management acquired 2.54 million OceanaGold shares worth approximately $63.7 million, representing a 1.14% stake. Several other institutional investors also initiated positions during the second quarter.
• OceanaGold reported quarterly EPS of $0.98, beating analyst expectations of $0.93, on revenue of $647.3 million. The company posted a 35.14% net margin and analysts expect full-year EPS of $4.16.
• The company declared a quarterly dividend of $0.09 per share, or $0.36 annualized, yielding about 1.2%. Despite mixed analyst revisions, the stock carries a consensus “Buy” rating.

Allianz Asset Management GmbH bought a new position in shares of Oceanagold Corp. (NYSE:OGC - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,543,793 shares of the company's stock, valued at approximately $63,741,000. Allianz Asset Management GmbH owned 1.14% of Oceanagold at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Nykredit A S acquired a new stake in shares of Oceanagold in the second quarter valued at about $125,000. TD Waterhouse Canada Inc. acquired a new position in shares of Oceanagold during the 2nd quarter worth about $584,000. Bank of New York Mellon Corp acquired a new position in shares of Oceanagold during the 2nd quarter worth about $1,701,000. Public Employees Retirement System of Ohio purchased a new position in Oceanagold in the 2nd quarter valued at about $14,465,000. Finally, Groupe la Francaise purchased a new position in Oceanagold in the 2nd quarter valued at about $19,560,000.

Oceanagold Trading Down 0.0%

Shares of OGC opened at $30.60 on Tuesday. Oceanagold Corp. has a 12-month low of $19.00 and a 12-month high of $43.33. The stock has a market capitalization of $6.81 billion and a price-to-earnings ratio of 15.38. The firm has a 50-day moving average price of $26.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.63 and a quick ratio of 1.24.

Oceanagold (NYSE:OGC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The firm had revenue of $647.30 million during the quarter. Oceanagold had a return on equity of 36.44% and a net margin of 35.14%. Equities research analysts predict that Oceanagold Corp. will post 4.16 earnings per share for the current fiscal year.

Oceanagold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Wednesday, August 19th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Oceanagold's payout ratio is currently 18.09%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OGC shares. Wall Street Zen lowered Oceanagold from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 22nd. Weiss Ratings restated a "buy (b-)" rating on shares of Oceanagold in a research report on Friday. Scotiabank raised Oceanagold to a "strong-buy" rating in a research note on Thursday, May 14th. Zacks Research cut Oceanagold from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group raised Oceanagold to a "strong-buy" rating in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy".

Oceanagold Profile

OceanaGold Corporation is a gold and copper mining company that explores for, develops, and operates precious metals projects. The company's portfolio includes producing mines and development assets, with a focus on the extraction and processing of gold and copper from its owned and operated operations.

Founded in 1989, OceanaGold has built a business centered on long-life mineral assets and responsible mining practices. Its operations have historically been located in the Asia-Pacific region, including New Zealand, the Philippines, and the United States, giving it exposure to several established mining jurisdictions.

The company is headquartered in Vancouver, Canada.

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