Dark Forest Capital Management LP Acquires 568,009 Shares of Coeur Mining, Inc. $CDE

Key Points

• Dark Forest Capital Management LP increased its stake in Coeur Mining by 232.7%, now holding 812,129 shares valued at approximately $4.81 million.
• Other institutional investors have also expanded their positions, with Vanguard Group and Sprott Inc. significantly increasing their respective stakes in the same quarter.
• Coeur Mining reported a 116.5% increase in revenue year-over-year, with earnings per share of $0.20, surpassing analysts' expectations.

Dark Forest Capital Management LP lifted its position in Coeur Mining, Inc. (NYSE:CDE - Free Report) by 232.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 812,129 shares of the basic materials company's stock after purchasing an additional 568,009 shares during the quarter. Dark Forest Capital Management LP owned approximately 0.13% of Coeur Mining worth $4,808,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. MAI Capital Management purchased a new position in Coeur Mining during the first quarter worth $25,000. Summer Road LLC acquired a new stake in Coeur Mining during the first quarter worth about $28,000. City State Bank raised its stake in Coeur Mining by 56.9% during the 1st quarter. City State Bank now owns 6,274 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 2,274 shares in the last quarter. State of Wyoming bought a new stake in shares of Coeur Mining during the 1st quarter worth $52,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Coeur Mining during the first quarter valued at $53,000. 63.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Coeur Mining

In related news, CAO Kenneth J. Watkinson sold 8,000 shares of Coeur Mining stock in a transaction on Friday, August 8th. The shares were sold at an average price of $11.62, for a total value of $92,960.00. Following the completion of the sale, the chief accounting officer owned 143,007 shares of the company's stock, valued at approximately $1,661,741.34. This trade represents a 5.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Casey M. Nault sold 102,257 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $12.00, for a total transaction of $1,227,084.00. Following the sale, the senior vice president directly owned 568,623 shares in the company, valued at approximately $6,823,476. This trade represents a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 266,619 shares of company stock worth $2,975,112. 1.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CDE. Zacks Research raised Coeur Mining to a "hold" rating in a report on Tuesday, August 12th. National Bankshares set a $12.00 price objective on Coeur Mining in a report on Friday, June 13th. BMO Capital Markets increased their price objective on Coeur Mining from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Roth Capital reaffirmed a "buy" rating and set a $13.00 target price on shares of Coeur Mining in a research report on Thursday, August 7th. Finally, National Bank Financial upgraded Coeur Mining to a "strong-buy" rating in a research note on Thursday, June 12th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $9.79.

Coeur Mining Stock Up 1.3%

CDE traded up $0.18 during trading on Thursday, reaching $14.15. The company had a trading volume of 19,949,066 shares, compared to its average volume of 14,075,827. Coeur Mining, Inc. has a 12 month low of $4.58 and a 12 month high of $14.32. The business's fifty day moving average price is $10.47 and its 200 day moving average price is $8.04. The company has a market cap of $9.09 billion, a P/E ratio of 38.24 and a beta of 1.19. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.61 and a quick ratio of 0.60.

Coeur Mining (NYSE:CDE - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. Coeur Mining had a net margin of 13.06% and a return on equity of 14.38%. The business had revenue of $480.65 million for the quarter, compared to analyst estimates of $438.40 million. During the same period last year, the firm earned ($0.01) earnings per share. Coeur Mining's revenue for the quarter was up 116.5% compared to the same quarter last year. Equities analysts anticipate that Coeur Mining, Inc. will post 0.58 EPS for the current year.

Coeur Mining Company Profile

Coeur Mining, Inc explores for precious metals in the United States, Canada, and Mexico. The company primarily explores for gold, silver, zinc, and lead properties. It markets and sells its concentrates to third-party customers, smelters, under off-take agreements. The company was formerly known as Coeur d'Alene Mines Corporation and changed its name to Coeur Mining, Inc in May 2013.