Coeur Mining, Inc. $CDE Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Coeur Mining stake by 83.2% in the first quarter, purchasing 2.47 million additional shares and bringing its holdings to 5.43 million shares valued at approximately $101.9 million.
• Institutional investors collectively own 63.01% of Coeur Mining, with Arrowstreet Capital, Tidal Investments, Renaissance Technologies and Goldman Sachs among the other major holders increasing their positions.
• Analyst sentiment remains a “Moderate Buy”, with an average price target of $25.50, despite Coeur Mining missing quarterly earnings and revenue expectations. The stock recently traded at $17.41.

Bank of America Corp DE grew its stake in shares of Coeur Mining, Inc. (NYSE:CDE - Free Report) by 83.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,429,896 shares of the basic materials company's stock after purchasing an additional 2,466,122 shares during the quarter. Bank of America Corp DE owned approximately 0.52% of Coeur Mining worth $101,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its stake in Coeur Mining by 92.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 27,981,273 shares of the basic materials company's stock worth $524,669,000 after acquiring an additional 13,418,041 shares in the last quarter. Tidal Investments LLC grew its position in shares of Coeur Mining by 55.3% during the second quarter. Tidal Investments LLC now owns 20,734,671 shares of the basic materials company's stock worth $183,709,000 after acquiring an additional 7,382,955 shares during the last quarter. Norges Bank purchased a new position in Coeur Mining during the 4th quarter worth $128,389,000. Renaissance Technologies LLC raised its holdings in shares of Coeur Mining by 889.6% in the first quarter. Renaissance Technologies LLC now owns 6,870,813 shares of the basic materials company's stock valued at $128,965,000 after buying an additional 6,176,524 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Coeur Mining by 92.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 12,502,645 shares of the basic materials company's stock valued at $222,922,000 after buying an additional 6,012,718 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

Insiders Place Their Bets

In related news, CAO Kenneth J. Watkinson sold 39,000 shares of Coeur Mining stock in a transaction on Monday, June 1st. The stock was sold at an average price of $18.60, for a total value of $725,400.00. Following the transaction, the chief accounting officer owned 77,204 shares in the company, valued at approximately $1,435,994.40. This trade represents a 33.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CDE has been the topic of several recent research reports. Wall Street Zen cut Coeur Mining from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Zacks Research cut Coeur Mining from a "hold" rating to a "strong sell" rating in a research report on Friday, July 10th. Cantor Fitzgerald downgraded Coeur Mining from a "buy" rating to a "hold" rating and set a $19.00 price target for the company. in a report on Thursday, May 7th. Roth Capital set a $19.00 price objective on shares of Coeur Mining in a research report on Friday. Finally, Canaccord Genuity Group raised shares of Coeur Mining from a "hold" rating to a "buy" rating and set a $26.00 price objective on the stock in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Coeur Mining currently has an average rating of "Moderate Buy" and an average price target of $25.50.

Coeur Mining Price Performance

Shares of NYSE:CDE opened at $17.41 on Friday. The stock has a market cap of $17.90 billion, a PE ratio of 14.88 and a beta of 1.32. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.14 and a current ratio of 3.65. The business's fifty day moving average price is $16.37 and its two-hundred day moving average price is $19.17. Coeur Mining, Inc. has a one year low of $10.92 and a one year high of $27.77.

Coeur Mining (NYSE:CDE - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.24 billion. Coeur Mining had a return on equity of 11.03% and a net margin of 26.82%.The company's revenue for the quarter was up 125.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. On average, analysts forecast that Coeur Mining, Inc. will post 1.25 EPS for the current fiscal year.

Coeur Mining Announces Dividend

The business also recently declared a dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a yield of 23.0%. Coeur Mining's dividend payout ratio is 3.42%.

Coeur Mining Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source