Bank of New York Mellon Corp Buys Shares of 63,364 Centerra Gold Inc. $CGAU

Key Points

• Bank of New York Mellon purchased 63,364 Centerra Gold shares worth approximately $1.0 million in the second quarter. Institutional investors collectively own 55.4% of the company, with Goldman Sachs and Geode Capital also increasing their positions.
• Centerra Gold reported quarterly earnings of $0.39 per share, beating estimates by $0.01, while revenue of $442.7 million exceeded expectations. The company has a 36.92% net margin and analysts expect full-year earnings of $1.63 per share.
• The company pays a quarterly dividend of $0.07, equivalent to an annualized $0.28 and a 1.2% yield. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $21 price target.

Bank of New York Mellon Corp bought a new position in shares of Centerra Gold Inc. (NYSE:CGAU - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 63,364 shares of the company's stock, valued at approximately $1,005,000.

Several other institutional investors and hedge funds also recently modified their holdings of CGAU. Cubist Systematic Strategies LLC purchased a new position in shares of Centerra Gold during the 1st quarter worth approximately $192,000. Dynamic Technology Lab Private Ltd purchased a new stake in Centerra Gold in the 1st quarter valued at approximately $97,000. Goldman Sachs Group Inc. lifted its stake in Centerra Gold by 57.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 13,344,727 shares of the company's stock valued at $84,739,000 after buying an additional 4,853,494 shares in the last quarter. Empowered Funds LLC purchased a new stake in Centerra Gold in the 1st quarter valued at approximately $218,000. Finally, Geode Capital Management LLC grew its holdings in Centerra Gold by 20.3% during the 2nd quarter. Geode Capital Management LLC now owns 767,536 shares of the company's stock valued at $5,534,000 after buying an additional 129,737 shares during the last quarter. Hedge funds and other institutional investors own 55.40% of the company's stock.

Centerra Gold Stock Performance

Centerra Gold stock opened at $22.57 on Friday. The firm has a market capitalization of $4.41 billion, a P/E ratio of 7.21, a PEG ratio of 0.87 and a beta of 0.86. The stock has a fifty day moving average price of $19.63 and a 200 day moving average price of $18.38. Centerra Gold Inc. has a 52 week low of $8.86 and a 52 week high of $24.52. The company has a current ratio of 2.42, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03.

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

Centerra Gold Dividend Announcement

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

Analyst Ratings Changes

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

About Centerra Gold

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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