Norges Bank Invests $128.39 Million in Coeur Mining, Inc. $CDE

Key Points

• Norges Bank bought a new stake in Coeur Mining in the fourth quarter, purchasing 7.2 million shares valued at about $128.4 million. The position represented 1.12% of the company based on its latest SEC filing.
• Coeur Mining reported quarterly earnings of $0.36 EPS, just below analyst expectations, while revenue came in at $856.2 million, above estimates and up 137.8% from a year earlier. The company also posted strong profitability with a 15.38% return on equity.
• Analysts remain broadly positive on the stock, with a consensus rating of Moderate Buy and an average price target of $24.56. Coeur also announced a $0.02 per share dividend, while insider selling was reported by CAO Kenneth J. Watkinson.

Norges Bank purchased a new stake in Coeur Mining, Inc. (NYSE:CDE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,200,721 shares of the basic materials company's stock, valued at approximately $128,389,000. Norges Bank owned 1.12% of Coeur Mining as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CDE. EverSource Wealth Advisors LLC lifted its stake in Coeur Mining by 74.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,368 shares of the basic materials company's stock valued at $30,000 after buying an additional 1,435 shares in the last quarter. Kingdom Financial Group LLC. acquired a new position in shares of Coeur Mining in the fourth quarter worth about $32,000. JPL Wealth Management LLC purchased a new position in shares of Coeur Mining in the third quarter worth approximately $35,000. Lodestone Wealth Management LLC purchased a new position in shares of Coeur Mining in the fourth quarter worth approximately $36,000. Finally, Sound Income Strategies LLC raised its holdings in shares of Coeur Mining by 99.2% during the fourth quarter. Sound Income Strategies LLC now owns 2,000 shares of the basic materials company's stock valued at $36,000 after acquiring an additional 996 shares during the period. Hedge funds and other institutional investors own 63.01% of the company's stock.

Coeur Mining Price Performance

NYSE CDE opened at $18.53 on Friday. 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 capitalization of $19.17 billion, a PE ratio of 15.97 and a beta of 1.25. Coeur Mining, Inc. has a 12-month low of $8.46 and a 12-month high of $27.77. The company has a 50 day moving average price of $18.66 and a two-hundred day moving average price of $19.63.

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

Coeur Mining Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have recently issued reports on CDE. Canadian Imperial Bank of Commerce initiated coverage on Coeur Mining in a report on Tuesday, March 10th. They issued an "outperform" rating and a $40.00 target price for the company. ATB Cormark Capital Markets upgraded Coeur Mining from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, March 24th. Royal Bank Of Canada lifted their target price on Coeur Mining from $22.00 to $26.00 and gave the company an "outperform" rating in a research note on Thursday, February 12th. BMO Capital Markets assumed coverage on shares of Coeur Mining in a research report on Wednesday, March 25th. They issued an "outperform" rating and a $27.00 price target for the company. Finally, Cantor Fitzgerald cut 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. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Coeur Mining currently has a consensus rating of "Moderate Buy" and an average target price of $24.56.

Insiders Place Their Bets

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

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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