CI Investments Inc. Boosts Stake in Coeur Mining, Inc. $CDE

Key Points

• CI Investments Inc. increased its stake in Coeur Mining by 20.4% in the first quarter, buying 108,757 additional shares and bringing its total to 642,216 shares worth about $12.05 million.
• Coeur Mining shares rose 3.6% and the stock opened at $15.85, while the company’s financial position showed a quick ratio of 2.14 and a low debt-to-equity ratio of 0.07.
• The company missed EPS estimates but beat revenue expectations in its latest quarterly report, posting $0.36 EPS versus $0.37 expected and revenue of $856.19 million; analysts currently view the stock as a Moderate Buy with a $26.39 average target price.

CI Investments Inc. grew its position in shares of Coeur Mining, Inc. (NYSE:CDE - Free Report) by 20.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 642,216 shares of the basic materials company's stock after acquiring an additional 108,757 shares during the quarter. CI Investments Inc. owned about 0.10% of Coeur Mining worth $12,054,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. First Trust Advisors LP lifted its stake in shares of Coeur Mining by 99.0% in the 1st quarter. First Trust Advisors LP now owns 892,766 shares of the basic materials company's stock valued at $16,737,000 after purchasing an additional 444,045 shares in the last quarter. Chase Investment Counsel Corp acquired a new stake in Coeur Mining during the 1st quarter worth approximately $783,000. ABN Amro Investment Solutions purchased a new position in Coeur Mining in the first quarter valued at approximately $779,000. PNC Financial Services Group Inc. raised its holdings in Coeur Mining by 146.1% in the first quarter. PNC Financial Services Group Inc. now owns 26,205 shares of the basic materials company's stock valued at $492,000 after buying an additional 15,555 shares during the period. Finally, Convergence Investment Partners LLC raised its holdings in Coeur Mining by 13.3% in the first quarter. Convergence Investment Partners LLC now owns 77,170 shares of the basic materials company's stock valued at $1,448,000 after buying an additional 9,070 shares during the period. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Coeur Mining Stock Up 3.6%

NYSE CDE opened at $15.85 on Thursday. The company has a quick ratio of 2.14, a current ratio of 3.73 and a debt-to-equity ratio of 0.07. Coeur Mining, Inc. has a fifty-two week low of $8.56 and a fifty-two week high of $27.77. The business has a 50 day moving average price of $16.93 and a two-hundred day moving average price of $19.54. The stock has a market cap of $16.39 billion, a PE ratio of 13.66 and a beta of 1.29.

Coeur Mining (NYSE:CDE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The firm had revenue of $856.19 million for the quarter, compared to analysts' expectations of $815.59 million. Coeur Mining had a net margin of 31.15% and a return on equity of 15.38%. The company's revenue for the quarter was up 137.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 EPS. As a group, sell-side analysts predict that Coeur Mining, Inc. will post 1.25 EPS for the current fiscal year.

Coeur Mining Dividend Announcement

The company also recently disclosed a dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 22nd were issued a $0.02 dividend. The ex-dividend date was Friday, May 22nd. This represents a yield of 23.0%. Coeur Mining's payout ratio is currently 3.45%.

Insider Buying and Selling

In other Coeur Mining 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 value of $725,400.00. Following the completion of the transaction, the chief accounting officer directly owned 77,204 shares of the company's stock, valued at $1,435,994.40. This represents a 33.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CDE has been the subject of several research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Coeur Mining in a research note on Wednesday, June 24th. Cantor Fitzgerald downgraded shares of Coeur Mining from a "buy" rating to a "hold" rating and set a $19.00 target price on the stock. in a research note on Thursday, May 7th. Scotiabank restated an "outperform" rating and set a $28.50 target price on shares of Coeur Mining in a report on Tuesday, July 14th. Canaccord Genuity Group raised shares of Coeur Mining from a "hold" rating to a "buy" rating and set a $26.00 price target for the company in a research report on Wednesday, April 29th. Finally, BMO Capital Markets assumed coverage on Coeur Mining in a report on Wednesday, March 25th. They issued an "outperform" rating and a $27.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Coeur Mining presently has an average rating of "Moderate Buy" and an average target price of $26.39.

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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