Lazard Asset Management LLC Reduces Position in Centerra Gold Inc. $CGAU

Key Points

• Lazard Asset Management cut its Centerra Gold position by 80.4% in the first quarter, selling 121,167 shares and retaining 29,455 shares valued at approximately $524,000.
• Institutional ownership remains substantial at 55.4%, with several investors increasing stakes while Precision Wealth Strategies and Walleye Capital initiated new positions.
• Centerra Gold reported quarterly EPS of $0.39, exceeding estimates, and revenue of $442.71 million. Analysts maintain a “Moderate Buy” consensus with a $17.50 target price, while the company announced a quarterly dividend of $0.07 per share.

Lazard Asset Management LLC decreased its holdings in shares of Centerra Gold Inc. (NYSE:CGAU - Free Report) by 80.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,455 shares of the company's stock after selling 121,167 shares during the quarter. Lazard Asset Management LLC's holdings in Centerra Gold were worth $524,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CGAU. Precision Wealth Strategies LLC bought a new position in Centerra Gold in the 1st quarter valued at $1,988,000. Walleye Capital LLC bought a new stake in shares of Centerra Gold during the first quarter worth $1,226,000. Public Employees Retirement System of Ohio lifted its position in shares of Centerra Gold by 14.0% during the first quarter. Public Employees Retirement System of Ohio now owns 869,098 shares of the company's stock worth $15,372,000 after purchasing an additional 106,527 shares during the last quarter. Intact Investment Management Inc. boosted its stake in shares of Centerra Gold by 166.7% during the fourth quarter. Intact Investment Management Inc. now owns 1,514,820 shares of the company's stock valued at $21,807,000 after purchasing an additional 946,920 shares during the period. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of Centerra Gold by 62.9% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,513,875 shares of the company's stock valued at $50,678,000 after purchasing an additional 1,356,660 shares during the period. 55.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on CGAU. Weiss Ratings downgraded shares of Centerra Gold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Scotiabank reissued an "outperform" rating on shares of Centerra Gold in a research report on Tuesday. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Centerra Gold in a research note on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Centerra Gold from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.50.

Centerra Gold Price Performance

Shares of CGAU stock opened at $19.83 on Friday. Centerra Gold Inc. has a twelve month low of $6.71 and a twelve month high of $21.17. The company has a current ratio of 2.42, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $16.48 and a two-hundred day simple moving average of $17.61. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 6.34, a P/E/G ratio of 0.73 and a beta of 0.80.

Centerra Gold (NYSE:CGAU - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $442.71 million for the quarter, compared to analyst estimates of $394.27 million. Centerra Gold had a return on equity of 15.35% and a net margin of 36.92%. On average, analysts predict that Centerra Gold Inc. will post 1.63 EPS for the current fiscal year.

Centerra Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.28 dividend on an annualized basis and a yield of 1.4%. Centerra Gold's dividend payout ratio (DPR) is 6.71%.

Centerra Gold Company Profile

Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra's portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact.

In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada's largest gold mines.

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