Connor Clark & Lunn Investment Management Ltd. Trims Position in Centerra Gold Inc. (NYSE:CGAU)

Key Points

• Connor Clark & Lunn Investment Management Ltd. sold 265,200 shares of Centerra Gold Inc., reducing its holdings by 10.6%, now owning approximately 1.07% of the company.
• Centerra Gold recently declared a quarterly dividend of $0.07, with a projected annual yield of 4.0% and a dividend payout ratio of 60.61%.
• The company's average analyst rating is a "Moderate Buy", with a consensus price target set at $13.00.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Centerra Gold Inc. (NYSE:CGAU - Free Report) by 10.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,244,737 shares of the company's stock after selling 265,200 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 1.07% of Centerra Gold worth $14,244,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in shares of Centerra Gold in the fourth quarter valued at approximately $396,000. Deutsche Bank AG grew its stake in Centerra Gold by 91.5% in the 4th quarter. Deutsche Bank AG now owns 23,218 shares of the company's stock worth $132,000 after buying an additional 11,093 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Centerra Gold by 3.1% in the 4th quarter. Nuveen Asset Management LLC now owns 1,890,136 shares of the company's stock valued at $10,750,000 after purchasing an additional 57,609 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Centerra Gold by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 525,967 shares of the company's stock valued at $2,993,000 after purchasing an additional 71,028 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Centerra Gold by 0.3% in the 4th quarter. Millennium Management LLC now owns 585,238 shares of the company's stock valued at $3,330,000 after purchasing an additional 1,663 shares in the last quarter. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CGAU has been the topic of a number of recent analyst reports. BMO Capital Markets lowered shares of Centerra Gold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 8th. CIBC reissued an "outperform" rating on shares of Centerra Gold in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of Centerra Gold from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. National Bankshares restated an "outperform" rating on shares of Centerra Gold in a research note on Tuesday, June 24th. Finally, Cibc World Mkts upgraded shares of Centerra Gold from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.00.

Centerra Gold Price Performance

Shares of CGAU stock traded down $0.04 during mid-day trading on Thursday, hitting $7.01. The company had a trading volume of 791,179 shares, compared to its average volume of 932,342. Centerra Gold Inc. has a 52-week low of $5.41 and a 52-week high of $7.82. The stock's 50 day moving average price is $7.21 and its 200-day moving average price is $6.71. The company has a market capitalization of $1.43 billion, a P/E ratio of 21.24, a P/E/G ratio of 0.45 and a beta of 0.80.

Centerra Gold (NYSE:CGAU - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.08. Centerra Gold had a net margin of 6.21% and a return on equity of 9.12%. The company had revenue of $288.30 million for the quarter, compared to analysts' expectations of $319.42 million. On average, equities research analysts expect that Centerra Gold Inc. will post 0.59 earnings per share for the current year.

Centerra Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.28 annualized dividend and a dividend yield of 4.0%. Centerra Gold's dividend payout ratio is currently 60.61%.

About Centerra Gold

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.