Mackenzie Financial Corp Buys 2,010,965 Shares of Coeur Mining, Inc. (NYSE:CDE)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Coeur Mining, Inc. by 7,857.5%, acquiring an additional 2,010,965 shares to own 2,036,558 shares valued at approximately $12 million.
• A number of other institutional investors, including City State Bank and Optiver Holding B.V., have also increased their holdings in Coeur Mining, showcasing growing interest in the stock.
• Coeur Mining reported a 69% year-over-year revenue increase and earnings of $0.11 per share, surpassing analysts' estimates, while its stock has an average target price of $9.21 and an overall rating of "Buy."

Mackenzie Financial Corp increased its stake in shares of Coeur Mining, Inc. (NYSE:CDE - Free Report) by 7,857.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,036,558 shares of the basic materials company's stock after buying an additional 2,010,965 shares during the quarter. Mackenzie Financial Corp owned about 0.32% of Coeur Mining worth $12,056,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. City State Bank raised its position in shares of Coeur Mining by 56.9% during the 1st quarter. City State Bank now owns 6,274 shares of the basic materials company's stock worth $37,000 after purchasing an additional 2,274 shares during the last quarter. Quarry LP increased its position in Coeur Mining by 853.8% during the fourth quarter. Quarry LP now owns 6,667 shares of the basic materials company's stock worth $38,000 after purchasing an additional 5,968 shares during the last quarter. Optiver Holding B.V. grew its stake in shares of Coeur Mining by 150.5% during the 4th quarter. Optiver Holding B.V. now owns 8,160 shares of the basic materials company's stock valued at $47,000 after buying an additional 4,903 shares during the period. DRW Securities LLC purchased a new stake in shares of Coeur Mining during the 4th quarter valued at $60,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Coeur Mining during the 1st quarter worth $60,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

Insider Buying and Selling at Coeur Mining

In related news, Director Pierre Beaudoin sold 60,551 shares of Coeur Mining stock in a transaction on Friday, May 9th. The shares were sold at an average price of $7.30, for a total value of $442,022.30. Following the transaction, the director owned 188,362 shares in the company, valued at $1,375,042.60. This trade represents a 24.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eduardo Luna sold 17,160 shares of Coeur Mining stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $7.83, for a total transaction of $134,362.80. Following the completion of the transaction, the director owned 101,841 shares in the company, valued at $797,415.03. This trade represents a 14.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,061 shares of company stock worth $667,775 over the last 90 days. Insiders own 1.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CDE shares. National Bank Financial raised shares of Coeur Mining to a "strong-buy" rating in a research report on Thursday, June 12th. National Bankshares set a $12.00 target price on Coeur Mining in a research note on Friday, June 13th. Finally, Roth Capital restated a "buy" rating and issued a $12.00 target price (up previously from $10.00) on shares of Coeur Mining in a research report on Tuesday, July 1st. One analyst has rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Coeur Mining has an average rating of "Buy" and an average target price of $9.21.

Coeur Mining Price Performance

NYSE:CDE traded down $0.02 during trading hours on Friday, reaching $8.67. 11,433,726 shares of the company's stock were exchanged, compared to its average volume of 9,652,571. Coeur Mining, Inc. has a 12 month low of $4.57 and a 12 month high of $9.97. The company has a quick ratio of 0.62, a current ratio of 1.93 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $5.55 billion, a P/E ratio of 33.35 and a beta of 1.32. The business's 50-day simple moving average is $9.01 and its two-hundred day simple moving average is $7.16.

Coeur Mining (NYSE:CDE - Get Free Report) last issued its earnings results on Wednesday, May 7th. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.01) by $0.12. Coeur Mining had a net margin of 10.11% and a return on equity of 9.96%. The firm's revenue for the quarter was up 69.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) earnings per share. Sell-side analysts expect that Coeur Mining, Inc. will post 0.58 EPS for the current fiscal year.

About Coeur Mining

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.