The Manufacturers Life Insurance Company Buys 166,736 Shares of Centerra Gold Inc. $CGAU

Key Points

• The Manufacturers Life Insurance Company increased its Centerra Gold stake by 20.9%, purchasing 166,736 shares to hold 963,470 shares, or approximately 0.48% of the company. Institutional investors collectively own 55.4% of CGAU.
• Analyst sentiment remains favorable, with five Buy ratings and three Holds giving Centerra Gold a consensus rating of “Moderate Buy” and an average price target of $17.50.
• Centerra Gold exceeded quarterly expectations, reporting $0.39 in EPS and $442.71 million in revenue, while declaring a quarterly dividend of $0.07 per share, equivalent to a 1.6% annualized yield.

The Manufacturers Life Insurance Company increased its stake in Centerra Gold Inc. (NYSE:CGAU - Free Report) by 20.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 963,470 shares of the company's stock after purchasing an additional 166,736 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.48% of Centerra Gold worth $17,119,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CGAU. Osaic Holdings Inc. raised its stake in shares of Centerra Gold by 63.0% in the 2nd quarter. Osaic Holdings Inc. now owns 4,758 shares of the company's stock valued at $34,000 after purchasing an additional 1,839 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Centerra Gold in the fourth quarter valued at about $36,000. Leonteq Securities AG acquired a new position in shares of Centerra Gold during the fourth quarter worth about $72,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Centerra Gold during the first quarter worth about $97,000. Finally, C M Bidwell & Associates Ltd. bought a new position in shares of Centerra Gold during the fourth quarter worth about $100,000. Institutional investors own 55.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings lowered Centerra Gold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Centerra Gold in a research report on Thursday. Scotiabank reaffirmed an "outperform" rating on shares of Centerra Gold in a research note on Tuesday, July 7th. Finally, Wall Street Zen cut shares of Centerra Gold from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Centerra Gold presently has a consensus rating of "Moderate Buy" and an average price target of $17.50.

Centerra Gold Price Performance

Shares of NYSE CGAU opened at $17.18 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.42 and a quick ratio of 1.60. The business has a 50-day moving average of $16.33 and a 200-day moving average of $17.52. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 5.49, a PEG ratio of 0.65 and a beta of 0.81. Centerra Gold Inc. has a fifty-two week low of $6.71 and a fifty-two week high of $21.17.

Centerra Gold (NYSE:CGAU - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Centerra Gold had a return on equity of 15.35% and a net margin of 36.92%.The business had revenue of $442.71 million for the quarter, compared to analyst estimates of $394.27 million. As a group, sell-side analysts predict that Centerra Gold Inc. will post 1.6 earnings per share for the current fiscal year.

Centerra Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.07 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.6%. Centerra Gold's dividend payout ratio is currently 6.71%.

Centerra Gold Company Profile

Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra's portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact.

In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada's largest gold mines.

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