Assenagon Asset Management S.A. Sells 707,062 Shares of Coeur Mining, Inc. $CDE

Key Points

• Assenagon Asset Management cut its Coeur Mining stake by 64.5%, selling 707,062 shares during the second quarter and retaining 388,830 shares valued at approximately $6.35 million. Institutional investors own 63.01% of CDE.
• Coeur Mining shares opened at $18.59, up 2.5%, but the company’s latest quarterly results missed expectations: earnings were $0.12 per share versus $0.26 expected, while revenue reached $1.09 billion against a $1.24 billion consensus estimate.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $25.50, despite mixed recommendations and one recent downgrade to “strong sell.”

Assenagon Asset Management S.A. reduced its position in Coeur Mining, Inc. (NYSE:CDE - Free Report) by 64.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 388,830 shares of the basic materials company's stock after selling 707,062 shares during the period. Assenagon Asset Management S.A.'s holdings in Coeur Mining were worth $6,346,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDE. Allworth Financial LP increased its stake in Coeur Mining by 20.9% in the 4th quarter. Allworth Financial LP now owns 2,994 shares of the basic materials company's stock worth $53,000 after acquiring an additional 517 shares during the last quarter. Grand Central Investment Group boosted its position in shares of Coeur Mining by 1.5% during the 1st quarter. Grand Central Investment Group now owns 40,514 shares of the basic materials company's stock valued at $760,000 after acquiring an additional 612 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Coeur Mining by 7.5% in the first quarter. Sanctuary Advisors LLC now owns 11,809 shares of the basic materials company's stock valued at $222,000 after purchasing an additional 820 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Coeur Mining by 105.0% in the second quarter. Versant Capital Management Inc now owns 1,601 shares of the basic materials company's stock valued at $26,000 after purchasing an additional 820 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its position in Coeur Mining by 2.8% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 34,090 shares of the basic materials company's stock worth $608,000 after purchasing an additional 935 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

Coeur Mining Stock Up 2.5%

Shares of CDE opened at $18.59 on Wednesday. The company has a quick ratio of 2.44, a current ratio of 3.65 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average of $16.33 and a 200 day moving average of $19.08. The company has a market cap of $19.11 billion, a PE ratio of 15.89 and a beta of 1.32. Coeur Mining, Inc. has a 52-week low of $11.23 and a 52-week high of $27.77.

Coeur Mining (NYSE:CDE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.14). Coeur Mining had a net margin of 26.82% and a return on equity of 11.03%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $0.20 EPS. The company's revenue was up 125.8% on a year-over-year basis. On average, sell-side analysts expect that Coeur Mining, Inc. will post 0.95 EPS for the current year.

Insider Activity at Coeur Mining

In related news, CAO Kenneth J. Watkinson sold 39,000 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $18.60, for a total transaction of $725,400.00. Following the transaction, the chief accounting officer directly owned 77,204 shares in the company, valued at approximately $1,435,994.40. This represents a 33.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company's stock.

Analyst Upgrades and Downgrades

CDE has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Coeur Mining in a research note on Wednesday, June 24th. Canaccord Genuity Group upgraded shares of Coeur Mining from a "hold" rating to a "buy" rating and set a $26.00 target price on the stock in a report on Wednesday, April 29th. Scotiabank decreased their target price on shares of Coeur Mining from $28.50 to $26.50 and set an "outperform" rating on the stock in a research report on Friday. Roth Capital set a $19.00 price target on shares of Coeur Mining in a report on Friday. Finally, Zacks Research lowered Coeur Mining from a "hold" rating to a "strong sell" rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Coeur Mining presently has a consensus rating of "Moderate Buy" and an average price target of $25.50.

About Coeur Mining

Coeur Mining, Inc is a publicly traded precious metals mining company headquartered in Chicago, Illinois. The company specializes in the exploration, development and production of silver and gold deposits, with a focus on high-grade underground and open-pit operations. Through a combination of operating mines and advanced exploration projects, Coeur Mining seeks to deliver consistent production of silver and gold bullion while maintaining industry standards for safety, environmental stewardship and cost management.

Coeur Mining's portfolio includes five principal operating mines and several exploration projects across North America and Australia.

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