Renaissance Technologies LLC Buys 6,176,524 Shares of Coeur Mining, Inc. $CDE

Key Points

• Renaissance Technologies dramatically increased its stake in Coeur Mining, boosting holdings by 889.6% in Q1 to 6.87 million shares valued at about $129 million.
• Several other institutional investors also raised positions, with institutions now owning 63.01% of Coeur Mining; meanwhile, insider activity included CAO Kenneth J. Watkinson selling 39,000 shares.
• Analyst sentiment is mixed but leans positive overall, with a Moderate Buy consensus and a $26.39 average price target, while Coeur Mining recently reported revenue above estimates but EPS slightly below expectations.

Renaissance Technologies LLC lifted its position in Coeur Mining, Inc. (NYSE:CDE - Free Report) by 889.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,870,813 shares of the basic materials company's stock after acquiring an additional 6,176,524 shares during the period. Renaissance Technologies LLC owned approximately 0.66% of Coeur Mining worth $128,965,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Coeur Mining by 60.2% during the first quarter. AQR Capital Management LLC now owns 748,907 shares of the basic materials company's stock worth $4,434,000 after purchasing an additional 281,489 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Coeur Mining by 18.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,352,940 shares of the basic materials company's stock valued at $49,449,000 after purchasing an additional 1,278,110 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Coeur Mining by 122.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,431,244 shares of the basic materials company's stock worth $14,393,000 after purchasing an additional 1,339,138 shares in the last quarter. Focus Partners Wealth bought a new stake in Coeur Mining during the 1st quarter worth approximately $60,000. Finally, Intech Investment Management LLC raised its holdings in Coeur Mining by 58.4% during the 1st quarter. Intech Investment Management LLC now owns 269,203 shares of the basic materials company's stock worth $1,594,000 after buying an additional 99,256 shares during the period. Institutional investors own 63.01% of the company's stock.

Insider Activity

In other news, CAO Kenneth J. Watkinson sold 39,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $18.60, for a total value of $725,400.00. Following the transaction, the chief accounting officer owned 77,204 shares of the company's stock, valued at approximately $1,435,994.40. This represents a 33.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CDE. Weiss Ratings reiterated a "hold (c+)" rating on shares of Coeur Mining in a report on Wednesday, June 24th. Zacks Research downgraded Coeur Mining from a "hold" rating to a "strong sell" rating in a research report on Friday, July 10th. Scotiabank reaffirmed an "outperform" rating and set a $28.50 price target on shares of Coeur Mining in a research note on Tuesday, July 14th. Cantor Fitzgerald downgraded shares of Coeur Mining from a "buy" rating to a "hold" rating and set a $19.00 price objective on the stock. in a report on Thursday, May 7th. Finally, Wall Street Zen cut shares of Coeur Mining from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.39.

Coeur Mining Trading Down 0.6%

Coeur Mining stock opened at $15.14 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.14 and a current ratio of 3.73. The stock has a 50-day simple moving average of $16.80 and a 200 day simple moving average of $19.49. The stock has a market capitalization of $15.67 billion, a P/E ratio of 13.06 and a beta of 1.29. Coeur Mining, Inc. has a 52 week low of $8.56 and a 52 week high of $27.77.

Coeur Mining (NYSE:CDE - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.36 earnings per share (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 business had revenue of $856.19 million during the quarter, compared to analyst estimates of $815.59 million. During the same period in the previous year, the business earned $0.11 earnings per share. The business's quarterly revenue was up 137.8% on a year-over-year basis. Analysts expect that Coeur Mining, Inc. will post 1.25 earnings per share for the current year.

Coeur Mining Dividend Announcement

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

About Coeur Mining

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.

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.