Coeur Mining (NYSE:CDE) Shares Gap Down - Here's What Happened

Key Points

• Coeur Mining shares gapped lower, opening at $19.79 versus the prior close of $20.78, before trading near $20.59 on volume of roughly 1.9 million shares.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $25.50, despite Cantor Fitzgerald downgrading the stock to “Hold” with a $19 target.
• The company reported quarterly EPS of $0.12, missing estimates of $0.26, while revenue of $1.09 billion also fell short of expectations; insiders have sold 41,000 shares worth approximately $844,470 over the past quarter.

Coeur Mining, Inc. (NYSE:CDE - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $20.78, but opened at $19.79. Coeur Mining shares last traded at $20.5910, with a volume of 1,920,181 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CDE shares. Cantor Fitzgerald downgraded shares of Coeur Mining from a "buy" rating to a "hold" rating and set a $19.00 price objective for the company. in a research note on Thursday, May 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Coeur Mining in a report on Wednesday, June 24th. Zacks Research raised Coeur Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Roth Capital set a $19.00 price objective on Coeur Mining in a report on Friday, August 7th. Finally, Scotiabank cut their price objective on Coeur Mining from $28.50 to $26.50 and set an "outperform" rating on the stock in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $25.50.

Coeur Mining Stock Performance

The company's 50-day moving average price is $17.20 and its 200 day moving average price is $18.82. The stock has a market capitalization of $21.21 billion, a PE ratio of 17.64 and a beta of 1.32. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.44 and a current ratio of 3.65.

Coeur Mining (NYSE:CDE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.14). Coeur Mining had a net margin of 26.82% and a return on equity of 11.03%. The company had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the prior year, the firm earned $0.20 EPS. Coeur Mining's quarterly revenue was up 125.8% compared to the same quarter last year. On average, equities research analysts expect that Coeur Mining, Inc. will post 0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director J Kenneth Thompson sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $20.77, for a total value of $519,250.00. Following the completion of the transaction, the director owned 257,333 shares of the company's stock, valued at approximately $5,344,806.41. This represents a 8.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas S. Whelan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $20.87, for a total value of $125,220.00. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 41,000 shares of company stock worth $844,470. Company insiders own 0.90% of the company's stock.

Hedge Funds Weigh In On Coeur Mining

A number of institutional investors have recently added to or reduced their stakes in CDE. Bank of America Corp DE grew its holdings in Coeur Mining by 83.2% in the first quarter. Bank of America Corp DE now owns 5,429,896 shares of the basic materials company's stock worth $101,919,000 after purchasing an additional 2,466,122 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Coeur Mining by 92.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 12,502,645 shares of the basic materials company's stock valued at $222,922,000 after purchasing an additional 6,012,718 shares during the last quarter. Norges Bank purchased a new position in shares of Coeur Mining during the fourth quarter valued at approximately $128,389,000. California Public Employees Retirement System boosted its position in shares of Coeur Mining by 40.9% in the 1st quarter. California Public Employees Retirement System now owns 1,562,257 shares of the basic materials company's stock worth $29,324,000 after purchasing an additional 453,156 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Coeur Mining by 81.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,681,172 shares of the basic materials company's stock worth $69,896,000 after purchasing an additional 1,653,323 shares in the last quarter. Institutional investors own 63.01% of the company's stock.

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.

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