Legal & General Group Plc Sells 857,583 Shares of Coeur Mining, Inc. $CDE

Key Points

• Legal & General Group Plc cut its stake in Coeur Mining by 56% in the fourth quarter, selling 857,583 shares and leaving it with 673,448 shares worth about $12.0 million.
• Insider selling also occurred, with Chief Accounting Officer Kenneth J. Watkinson selling 39,000 shares at $18.60 each for about $725,400, reducing his ownership by 33.56%.
• Coeur Mining reported better-than-expected revenue but slightly missed EPS in its latest quarter, and analysts currently have a consensus rating of “Moderate Buy” with a target price of $24.56.

Legal & General Group Plc lessened its holdings in Coeur Mining, Inc. (NYSE:CDE - Free Report) by 56.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 673,448 shares of the basic materials company's stock after selling 857,583 shares during the quarter. Legal & General Group Plc owned about 0.10% of Coeur Mining worth $12,008,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sprott Inc. increased its stake 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 valued at $172,743,000 after purchasing an additional 176,388 shares in the last quarter. Van ECK Associates Corp increased its stake 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 valued at $1,238,201,000 after purchasing an additional 23,646,265 shares in the last quarter. Algert Global LLC increased its stake 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 valued at $9,884,000 after purchasing an additional 207,670 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 valued at $447,567,000 after purchasing an additional 6,352,828 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake 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 valued at $12,472,000 after purchasing an additional 553,814 shares in the last quarter. Institutional investors own 63.01% of the company's stock.

Insider Activity at Coeur Mining

In other news, CAO Kenneth J. Watkinson sold 39,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $18.60, for a total transaction of $725,400.00. Following the sale, the chief accounting officer owned 77,204 shares in the company, valued at $1,435,994.40. This represents a 33.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.90% of the stock is currently owned by insiders.

Coeur Mining Trading Down 5.4%

NYSE:CDE opened at $18.16 on Thursday. The company's 50 day moving average price is $18.66 and its 200-day moving average price is $19.60. Coeur Mining, Inc. has a 52 week low of $8.46 and a 52 week high of $27.77. The company has a quick ratio of 2.14, a current ratio of 3.73 and a debt-to-equity ratio of 0.07. The stock has a market cap of $18.79 billion, a price-to-earnings ratio of 15.66 and a beta of 1.25.

Coeur Mining (NYSE:CDE - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). Coeur Mining had a net margin of 31.15% and a return on equity of 15.38%. The firm had revenue of $856.19 million for the quarter, compared to analysts' expectations of $815.59 million. During the same quarter in the previous year, the company earned $0.11 EPS. The company's quarterly revenue was up 137.8% compared to the same quarter last year. On average, equities research analysts forecast that Coeur Mining, Inc. will post 1.46 earnings per share for the current fiscal year.

Coeur Mining Dividend Announcement

The company also recently declared a dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 22nd will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, May 22nd. This represents a dividend yield of 23.0%. Coeur Mining's dividend payout ratio is presently 3.45%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CDE shares. ATB Cormark Capital Markets raised shares of Coeur Mining from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, March 24th. BMO Capital Markets started coverage on shares of Coeur Mining in a research note on Wednesday, March 25th. They set an "outperform" rating and a $27.00 target price for the company. Zacks Research raised shares of Coeur Mining from a "strong sell" rating to a "hold" rating in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of Coeur Mining from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Cantor Fitzgerald cut shares of Coeur Mining from a "buy" rating to a "hold" rating and set a $19.00 price target on the stock. in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.56.

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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