Picton Mahoney Asset Management Takes $5.57 Million Position in Coeur Mining, Inc. (NYSE:CDE)

Key Points

• Picton Mahoney Asset Management has invested $5.57 million in Coeur Mining, acquiring 940,630 shares, which gives them about 0.15% of the company.
• Coeur Mining saw a significant earnings increase, reporting $0.11 earnings per share, which surpassed expectations, with a revenue up 69% year-over-year.
• Multiple institutional investors have increased their holdings in Coeur Mining, indicating strong interest, with 63.01% of the stock now owned by such investors.

Picton Mahoney Asset Management bought a new stake in Coeur Mining, Inc. (NYSE:CDE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 940,630 shares of the basic materials company's stock, valued at approximately $5,568,000. Picton Mahoney Asset Management owned approximately 0.15% of Coeur Mining as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CDE. City State Bank raised its holdings in Coeur Mining by 56.9% in the 1st quarter. City State Bank now owns 6,274 shares of the basic materials company's stock valued at $37,000 after buying an additional 2,274 shares during the period. Summit Investment Advisors Inc. increased its position in shares of Coeur Mining by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 41,333 shares of the basic materials company's stock valued at $236,000 after acquiring an additional 2,624 shares during the last quarter. Navellier & Associates Inc. raised its stake in shares of Coeur Mining by 8.9% in the 1st quarter. Navellier & Associates Inc. now owns 41,876 shares of the basic materials company's stock valued at $228,000 after acquiring an additional 3,411 shares during the period. Optiver Holding B.V. lifted its holdings in shares of Coeur Mining by 150.5% in the 4th quarter. Optiver Holding B.V. now owns 8,160 shares of the basic materials company's stock worth $47,000 after acquiring an additional 4,903 shares during the last quarter. Finally, Highland Capital Management LLC boosted its position in shares of Coeur Mining by 23.1% during the 1st quarter. Highland Capital Management LLC now owns 28,645 shares of the basic materials company's stock worth $170,000 after purchasing an additional 5,378 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CDE. Roth Capital reiterated a "buy" rating and set a $12.00 price target (up previously from $10.00) on shares of Coeur Mining in a report on Tuesday, July 1st. National Bank Financial raised Coeur Mining to a "strong-buy" rating in a report on Thursday, June 12th. Raymond James Financial reissued an "outperform" rating and set a $8.50 target price on shares of Coeur Mining in a research report on Wednesday, April 2nd. Finally, National Bankshares set a $12.00 price target on shares of Coeur Mining in a research note on Friday, June 13th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Coeur Mining presently has an average rating of "Buy" and a consensus target price of $9.21.

Coeur Mining Stock Performance

CDE stock traded down $0.47 during trading on Wednesday, hitting $8.73. The company had a trading volume of 11,953,498 shares, compared to its average volume of 9,406,492. The firm has a 50-day moving average price of $8.96 and a 200-day moving average price of $7.11. 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 firm has a market cap of $5.58 billion, a PE ratio of 33.58 and a beta of 1.32. Coeur Mining, Inc. has a 1-year low of $4.57 and a 1-year high of $9.97.

Coeur Mining (NYSE:CDE - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The basic materials company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.12. Coeur Mining had a net margin of 10.11% and a return on equity of 9.96%. During the same period in the previous year, the business earned ($0.05) earnings per share. Coeur Mining's revenue for the quarter was up 69.0% compared to the same quarter last year. On average, analysts expect that Coeur Mining, Inc. will post 0.58 earnings per share for the current year.

Insider Activity at Coeur Mining

In other news, Director Eduardo Luna sold 17,160 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $7.83, for a total value of $134,362.80. Following the completion of the transaction, the director owned 101,841 shares of the company's stock, valued at $797,415.03. The trade was a 14.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Kenneth J. Watkinson sold 12,350 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $7.40, for a total transaction of $91,390.00. Following the transaction, the chief accounting officer directly owned 122,104 shares of the company's stock, valued at $903,569.60. This trade represents a 9.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,061 shares of company stock valued at $667,775. 1.50% of the stock is owned by corporate insiders.

Coeur Mining Profile

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.