Van ECK Associates Corp Reduces Position in Centerra Gold Inc. $CGAU

Key Points

• Van ECK Associates cut its Centerra Gold position by 17% in the second quarter, selling 2.73 million shares and retaining 13.34 million shares worth approximately $211.6 million, or 6.8% of the company.
• Centerra Gold reported quarterly revenue of $442.7 million and earnings of $0.39 per share, narrowly beating analyst expectations. The company also declared a quarterly dividend of $0.07 per share, representing a 1.2% annualized yield.
• Shares recently traded at $23.48, near their 12-month high, while analysts maintained a consensus “Moderate Buy” rating; five analysts rated the stock Buy and three rated it Hold.

Van ECK Associates Corp reduced its holdings in shares of Centerra Gold Inc. (NYSE:CGAU - Free Report) by 17.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 13,337,575 shares of the company's stock after selling 2,725,493 shares during the period. Van ECK Associates Corp owned about 6.80% of Centerra Gold worth $211,572,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Osaic Holdings Inc. lifted its position in shares of Centerra Gold by 63.0% during the second quarter. Osaic Holdings Inc. now owns 4,758 shares of the company's stock worth $34,000 after purchasing an additional 1,839 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Centerra Gold in the 4th quarter valued at about $36,000. Pinnacle Holdings LLC bought a new position in Centerra Gold in the 2nd quarter worth about $45,000. Leonteq Securities AG purchased a new position in shares of Centerra Gold during the fourth quarter worth approximately $72,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of Centerra Gold during the second quarter worth approximately $83,000. Institutional investors own 55.40% of the company's stock.

Centerra Gold Trading Down 3.2%

Centerra Gold stock opened at $23.48 on Friday. The firm has a market cap of $4.61 billion, a PE ratio of 7.50, a P/E/G ratio of 0.91 and a beta of 0.80. Centerra Gold Inc. has a 12 month low of $7.84 and a 12 month high of $24.52. The stock's 50 day simple moving average is $18.43 and its two-hundred day simple moving average is $18.13. The company has a current ratio of 2.42, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03.

Centerra Gold (NYSE:CGAU - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Centerra Gold had a net margin of 36.92% and a return on equity of 15.35%. The firm had revenue of $442.71 million during the quarter, compared to analyst estimates of $394.27 million. Analysts anticipate that Centerra Gold Inc. will post 1.63 earnings per share for the current year.

Centerra Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th will be given a $0.07 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. Centerra Gold's dividend payout ratio is 6.39%.

Analyst Upgrades and Downgrades

CGAU has been the topic of several research analyst reports. Weiss Ratings cut Centerra Gold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Wall Street Zen cut Centerra Gold from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Centerra Gold in a research note on Thursday, July 30th. Finally, Scotiabank restated an "outperform" rating on shares of Centerra Gold in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Centerra Gold has a consensus rating of "Moderate Buy" and a consensus target price of $17.50.

About Centerra Gold

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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