Bank of America Corp DE Sells 1,122,550 Shares of Centerra Gold Inc. $CGAU

Key Points

• Bank of America cut its Centerra Gold stake by 45.2% in the first quarter, selling 1,122,550 shares and retaining 1,363,667 shares worth approximately $24.3 million. Institutional investors collectively own 55.4% of the company.
• Analyst sentiment remains favorable, with five Buy ratings and three Hold ratings producing a consensus “Moderate Buy” rating and a $17.50 target price, despite some recent downgrades.
• Centerra Gold exceeded quarterly expectations, reporting $0.39 EPS and $442.71 million in revenue, and declared a quarterly dividend of $0.07 per share, representing a 1.3% yield.

Bank of America Corp DE lowered its holdings in Centerra Gold Inc. (NYSE:CGAU - Free Report) by 45.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,363,667 shares of the company's stock after selling 1,122,550 shares during the quarter. Bank of America Corp DE owned 0.68% of Centerra Gold worth $24,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CGAU. Janney Montgomery Scott LLC boosted its position in shares of Centerra Gold by 2.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 24,860 shares of the company's stock valued at $357,000 after buying an additional 575 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Centerra Gold by 2.1% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 36,939 shares of the company's stock worth $531,000 after buying an additional 747 shares during the last quarter. CWM LLC lifted its stake in Centerra Gold by 5.3% during the 4th quarter. CWM LLC now owns 16,300 shares of the company's stock valued at $234,000 after acquiring an additional 820 shares during the period. Pictet Asset Management Holding SA lifted its stake in Centerra Gold by 3.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 39,102 shares of the company's stock valued at $693,000 after acquiring an additional 1,340 shares during the period. Finally, Baron Wealth Management LLC boosted its holdings in shares of Centerra Gold by 6.2% during the 1st quarter. Baron Wealth Management LLC now owns 27,602 shares of the company's stock valued at $491,000 after acquiring an additional 1,621 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Scotiabank reiterated an "outperform" rating on shares of Centerra Gold in a research note on Tuesday, August 4th. Wall Street Zen downgraded shares of Centerra Gold from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Weiss Ratings cut shares of Centerra Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Centerra Gold in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Centerra Gold presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.50.

Centerra Gold Price Performance

Shares of NYSE:CGAU opened at $21.95 on Tuesday. The company has a quick ratio of 1.49, a current ratio of 2.42 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $4.31 billion, a PE ratio of 7.01, a price-to-earnings-growth ratio of 0.80 and a beta of 0.80. The firm's 50 day moving average price is $17.16 and its 200-day moving average price is $17.78. Centerra Gold Inc. has a twelve month low of $7.08 and a twelve month high of $22.30.

Centerra Gold (NYSE:CGAU - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Centerra Gold had a net margin of 36.92% and a return on equity of 15.35%. The company had revenue of $442.71 million during the quarter, compared to analyst estimates of $394.27 million. Equities research analysts expect that Centerra Gold Inc. will post 1.63 EPS for the current year.

Centerra Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, August 19th. Centerra Gold's dividend payout ratio is 6.71%.

Centerra Gold Profile

Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra's portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact.

In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada's largest gold mines.

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