Short Interest in Goldcorp Inc. (GG) Expands By 31.9%

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Goldcorp Inc. (NYSE:GG) (TSE:G) was the recipient of a significant growth in short interest in September. As of September 28th, there was short interest totalling 23,038,361 shares, a growth of 31.9% from the September 14th total of 17,468,880 shares. Based on an average trading volume of 8,797,653 shares, the days-to-cover ratio is presently 2.6 days.

Shares of NYSE:GG opened at $10.76 on Friday. Goldcorp has a twelve month low of $9.75 and a twelve month high of $15.55. The firm has a market capitalization of $8.87 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 3.96 and a beta of -0.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.01 and a quick ratio of 0.57.

Goldcorp (NYSE:GG) (TSE:G) last announced its earnings results on Wednesday, July 25th. The basic materials company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.02). The business had revenue of $793.00 million during the quarter, compared to analyst estimates of $871.54 million. Goldcorp had a net margin of 8.61% and a return on equity of 1.97%. During the same quarter last year, the business posted $0.16 earnings per share. Equities analysts anticipate that Goldcorp will post 0.26 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Thursday, September 13th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.74%. This is a positive change from Goldcorp’s previous quarterly dividend of $0.02. The ex-dividend date was Wednesday, September 12th. Goldcorp’s dividend payout ratio (DPR) is presently 20.00%.

A number of hedge funds have recently made changes to their positions in GG. Boston Partners acquired a new stake in Goldcorp in the second quarter worth about $174,000. Envestnet Asset Management Inc. increased its position in Goldcorp by 1,425.4% in the first quarter. Envestnet Asset Management Inc. now owns 13,195 shares of the basic materials company’s stock worth $182,000 after purchasing an additional 12,330 shares during the period. Centaurus Financial Inc. acquired a new stake in Goldcorp in the second quarter worth about $190,000. Edgestream Partners L.P. acquired a new stake in Goldcorp in the second quarter worth about $231,000. Finally, Titus Wealth Management acquired a new stake in Goldcorp in the second quarter worth about $320,000. Hedge funds and other institutional investors own 53.88% of the company’s stock.

Several research firms have issued reports on GG. ValuEngine lowered Goldcorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 4th. Citigroup lowered Goldcorp from a “buy” rating to a “neutral” rating and set a $12.00 target price for the company. in a research note on Tuesday, September 25th. Raymond James lowered their target price on Goldcorp from $18.00 to $17.00 and set a “market perform” rating for the company in a research note on Thursday, September 20th. TheStreet lowered Goldcorp from a “b-” rating to a “c+” rating in a research note on Wednesday, August 1st. Finally, Jefferies Financial Group restated a “hold” rating and issued a $11.50 target price on shares of Goldcorp in a research note on Monday, October 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $16.02.

About Goldcorp

Goldcorp Inc acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. It primarily explores for gold, silver, lead, zinc, and copper deposits. The company's principal producing mining properties include the Éléonore, Musselwhite, Porcupine, and Red Lake mines in Canada; the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine in the Dominican Republic.

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