HITE Hedge Asset Management LLC Invests $4.90 Million in Coeur Mining, Inc. $CDE

Key Points

• HITE Hedge Asset Management opened a new position in Coeur Mining, buying 274,671 shares worth about $4.9 million in the fourth quarter.
• Institutional interest in CDE remains high, with hedge funds and other investors owning about 63.01% of the stock. Several firms, including Sprott, Van ECK, and MIRAE ASSET, increased their holdings significantly.
• Analysts are mixed but generally constructive: Coeur Mining has a consensus “Moderate Buy” rating and an average price target of $26.28, even after Cantor Fitzgerald downgraded the stock to hold.

HITE Hedge Asset Management LLC purchased a new position in shares of Coeur Mining, Inc. (NYSE:CDE - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 274,671 shares of the basic materials company's stock, valued at approximately $4,897,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sprott Inc. grew its holdings in shares of Coeur Mining by 2.0% during the third quarter. Sprott Inc. now owns 9,208,046 shares of the basic materials company's stock worth $172,743,000 after buying an additional 176,388 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Coeur Mining by 55.8% during the third quarter. Van ECK Associates Corp now owns 66,002,193 shares of the basic materials company's stock worth $1,238,201,000 after buying an additional 23,646,265 shares in the last quarter. Algert Global LLC grew its holdings in shares of Coeur Mining by 65.1% during the third quarter. Algert Global LLC now owns 526,860 shares of the basic materials company's stock worth $9,884,000 after buying an additional 207,670 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Coeur Mining by 36.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,857,511 shares of the basic materials company's stock worth $447,567,000 after buying an additional 6,352,828 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Coeur Mining by 498.8% during the third quarter. Victory Capital Management Inc. now owns 664,840 shares of the basic materials company's stock worth $12,472,000 after buying an additional 553,814 shares in the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDE. Cantor Fitzgerald downgraded shares of 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. Scotiabank initiated coverage on shares of Coeur Mining in a research report on Friday. They issued a "sector outperform" rating and a $27.50 target price on the stock. Zacks Research raised shares of Coeur Mining from a "strong sell" rating to a "hold" rating in a research report on Thursday, April 30th. Roth Mkm reissued a "buy" rating and issued a $25.00 target price on shares of Coeur Mining in a research report on Friday, May 8th. Finally, ATB Cormark Capital Markets raised shares of Coeur Mining from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.28.

Coeur Mining Price Performance

CDE opened at $17.20 on Friday. The company's 50 day simple moving average is $18.52 and its 200 day simple moving average is $19.68. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.14 and a current ratio of 3.73. Coeur Mining, Inc. has a 1 year low of $8.46 and a 1 year high of $27.77. The stock has a market capitalization of $17.80 billion, a PE ratio of 14.83 and a beta of 1.25.

Coeur Mining (NYSE:CDE - Get Free Report) last released its earnings results on Wednesday, May 6th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). Coeur Mining had a return on equity of 15.38% and a net margin of 31.15%.The company had revenue of $856.19 million during the quarter, compared to analyst estimates of $815.59 million. During the same period in the prior year, the business posted $0.11 earnings per share. Coeur Mining's revenue was up 137.8% on a year-over-year basis. As a group, sell-side analysts expect that Coeur Mining, Inc. will post 1.46 EPS for the current year.

Coeur Mining Dividend Announcement

The business also recently announced a dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 22nd were given a $0.02 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a dividend yield of 23.0%. Coeur Mining's dividend payout ratio (DPR) is currently 3.45%.

Insider Activity

In related news, CAO Kenneth J. Watkinson sold 39,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $18.60, for a total value of $725,400.00. Following the sale, the chief accounting officer directly owned 77,204 shares of the company's stock, valued at approximately $1,435,994.40. This trade represents a 33.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.90% of the company's stock.

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.

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