Bank of America Corp DE Takes Position in Centerra Gold Inc. $CGAU

Key Points

• Bank of America initiated a sizable Centerra Gold position, purchasing 1.77 million shares valued at approximately $28 million, or about 0.90% of the company. Institutional investors collectively own 55.4% of CGAU.
• Centerra Gold exceeded quarterly expectations, reporting $0.39 earnings per share versus the $0.38 consensus and revenue of $442.7 million versus estimates of $394.3 million.
• The stock opened at $23.55, near its 52-week high of $24.52. Analysts maintain a “Moderate Buy” consensus, though the $21 average price target is below the current share price; the company also pays a $0.07 quarterly dividend.

Bank of America Corp DE bought a new stake in Centerra Gold Inc. (NYSE:CGAU - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,767,910 shares of the company's stock, valued at approximately $28,039,000. Bank of America Corp DE owned about 0.90% of Centerra Gold at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA grew its holdings in Centerra Gold by 3.5% in the first quarter. Pictet Asset Management Holding SA now owns 39,102 shares of the company's stock valued at $693,000 after purchasing an additional 1,340 shares during the period. Baron Wealth Management LLC increased its position in Centerra Gold by 6.2% during the first quarter. Baron Wealth Management LLC now owns 27,602 shares of the company's stock worth $491,000 after purchasing an additional 1,621 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. raised its stake in Centerra Gold by 2.8% during the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 81,100 shares of the company's stock worth $1,281,000 after purchasing an additional 2,200 shares during the period. Kestra Advisory Services LLC raised its stake in Centerra Gold by 35.0% during the first quarter. Kestra Advisory Services LLC now owns 10,797 shares of the company's stock worth $192,000 after purchasing an additional 2,797 shares during the period. Finally, Pinnacle Holdings LLC acquired a new position in shares of Centerra Gold in the 2nd quarter valued at $45,000. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Centerra Gold Stock Performance

Shares of CGAU stock opened at $23.55 on Wednesday. The company has a current ratio of 2.42, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03. The company has a market cap of $4.60 billion, a PE ratio of 7.52, a P/E/G ratio of 0.86 and a beta of 0.86. The company's fifty day simple moving average is $20.66 and its 200-day simple moving average is $18.54. Centerra Gold Inc. has a 52 week low of $9.72 and a 52 week high of $24.52.

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

Centerra Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 19th. Centerra Gold's dividend payout ratio (DPR) is presently 6.39%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Centerra Gold from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Weiss Ratings raised Centerra Gold from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 31st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Centerra Gold in a report on Thursday, July 30th. Finally, Scotiabank reissued an "outperform" rating on shares of Centerra Gold in a research report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.00.

Centerra Gold Profile

Centerra Gold Inc is a Canadian-based mining company focused on the exploration, development, operation and reclamation of gold and copper properties. The company produces gold doré and copper concentrate for sale to commercial customers and also maintains mineral exploration and development activities in its operating regions.

Centerra's principal assets include the Mount Milligan copper-gold mine in British Columbia, Canada, and the Öksüt gold mine in central Türkiye. Mount Milligan is an open-pit mine and mill that produces copper concentrate containing gold, while Öksüt is an open-pit, heap-leach operation that produces gold doré.

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