Goldcorp (GG) Downgraded by Canaccord Genuity

Goldcorp (NYSE:GG) (TSE:G) was downgraded by stock analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research report issued on Wednesday, The Fly reports.

Several other research analysts also recently commented on GG. HC Wainwright reissued a “buy” rating on shares of Goldcorp in a report on Monday, September 25th. Zacks Investment Research downgraded shares of Goldcorp from a “hold” rating to a “sell” rating in a report on Monday, October 9th. Jefferies Group set a $13.00 price objective on shares of Goldcorp and gave the company a “hold” rating in a report on Thursday, October 19th. Royal Bank of Canada set a $15.00 price objective on shares of Goldcorp and gave the company a “hold” rating in a report on Monday, October 23rd. Finally, National Bank Financial raised shares of Goldcorp from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 26th. Ten investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $17.39.

Goldcorp (NYSE:GG) traded down $0.07 on Wednesday, hitting $14.32. 6,960,000 shares of the company’s stock traded hands, compared to its average volume of 8,790,000. Goldcorp has a twelve month low of $11.64 and a twelve month high of $17.87. The company has a market cap of $12,430.00, a P/E ratio of 23.87, a PEG ratio of 2.70 and a beta of -0.10. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.00 and a quick ratio of 0.69.

Goldcorp (NYSE:GG) (TSE:G) last released its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. Goldcorp had a net margin of 14.91% and a return on equity of 3.27%. analysts forecast that Goldcorp will post 0.44 earnings per share for the current year.

Several large investors have recently made changes to their positions in the stock. First Eagle Investment Management LLC raised its position in Goldcorp by 3.1% in the 3rd quarter. First Eagle Investment Management LLC now owns 35,890,978 shares of the basic materials company’s stock worth $465,147,000 after purchasing an additional 1,076,629 shares during the period. Carmignac Gestion raised its position in Goldcorp by 11.6% in the 3rd quarter. Carmignac Gestion now owns 30,505,522 shares of the basic materials company’s stock worth $395,352,000 after purchasing an additional 3,168,910 shares during the period. Vanguard Group Inc. raised its position in Goldcorp by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 20,163,542 shares of the basic materials company’s stock worth $260,311,000 after purchasing an additional 801,859 shares during the period. Bank of Montreal Can raised its position in Goldcorp by 1.1% in the 4th quarter. Bank of Montreal Can now owns 13,497,180 shares of the basic materials company’s stock worth $172,358,000 after purchasing an additional 142,752 shares during the period. Finally, CIBC Asset Management Inc raised its position in Goldcorp by 28.1% in the 3rd quarter. CIBC Asset Management Inc now owns 11,876,598 shares of the basic materials company’s stock worth $153,791,000 after purchasing an additional 2,605,368 shares during the period. 53.42% of the stock is owned by hedge funds and other institutional investors.

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About Goldcorp

Goldcorp Inc is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s segments include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito SA de C.V.

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