On September 6, 2023, it was reported that the Swiss National Bank has decreased its stake in Coeur Mining, Inc. by 10.6%. This reduction in ownership was recorded in the bank’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 606,400 shares of Coeur Mining’s stock after selling 71,800 shares during the first quarter of this year. At the end of the reporting period, these shares were estimated to be worth $2,420,000, accounting for 0.19% of Coeur Mining’s total value.
Coeur Mining is primarily engaged in the exploration for precious metals in various regions including the United States, Canada, and Mexico. Among its key assets are gold, silver, zinc, and lead properties. The company’s portfolio includes a 100% interest in several mines such as Palmarejo gold and silver mine located in Chihuahua, Mexico covering approximately 67,279 net acres; Rochester silver and gold mine situated in northwestern Nevada on about 43,441 net acres; Kensington gold mine in Juneau, Alaska spanning across 3,972 net acres; Wharf gold mine situated in South Dakota covering approximately 3,243 net acres; and Silvertip silver-zinc-lead mine situated on about 97,298 net acres in British Columbia, Canada.
The decision by Swiss National Bank to reduce its stake in Coeur Mining implies a shift in its investment strategy or risk appetite. Institutional investors like banks often make adjustments to their holdings based on various factors such as market conditions or changes within their own portfolio allocations.
While this development may have implications for Coeur Mining’s shareholder structure and market dynamics surrounding its stock price movements going forward; it is important to note that investing decisions should not be solely based on such reports or changes made by institutional investors. Individual investors should conduct thorough research and analysis of a company’s fundamentals, industry trends, and other relevant factors before making investment decisions.
As of the referenced date, Swiss National Bank’s reduction in stake in Coeur Mining serves as an essential piece of financial information that shareholders, analysts, and market participants may consider when evaluating the company’s stock performance. However, it is crucial to rely on comprehensive research and expert advice to make informed investment choices.
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Institutional Investors Show Interest in Coeur Mining as Brokerages Provide Target Prices
In recent months, there has been significant activity from institutional investors in Coeur Mining (NYSE:CDE) as they have either increased or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. entered the market with a new stake valued at $554,000 in the first quarter of this year. Principal Financial Group Inc. also raised its holdings by 74.9% during the same period, now owning 31,741 shares worth $127,000. Similarly, Hussman Strategic Advisors Inc. added an additional 20,000 shares to their portfolio, bringing their total ownership to 120,000 shares valued at $479,000. Barclays PLC saw a substantial increase of 48.3% in their holdings, acquiring an additional 87,871 shares worth $1,077,000. Finally, Jump Financial LLC experienced a staggering growth of 2,091.7%, now possessing 807,169 shares worth $3,221,000.
It is noteworthy that approximately 61.55% of Coeur Mining’s stock is owned by institutional investors and hedge funds.
Several brokerages have also weighed in on CDE’s performance and provided target prices for its shares. Raymond James downgraded their target price from $4.25 to $4.00 and issued a “market perform” rating on the stock back in May of this year. More recently, Canaccord Genuity Group upgraded Coeur Mining from a “hold” to a “buy” rating and set a target price of $3.75 per share on July 24th.
National Bankshares set a slightly higher target price of $4.25 per share and labeled the company as an “outperform.” Another brokerage firm called National Bank Financial initiated coverage on Coeur Mining and assigned it an “outperform” rating with the same target price as National Bankshares.
According to Bloomberg.com’s consensus rating, Coeur Mining currently holds a “Hold” rating with an average price target of $3.79. It is worth mentioning that one analyst has given the stock a “sell” rating, two have assigned a “hold” rating, and four have issued a “buy” rating.
On Wednesday, Coeur Mining’s shares opened at $2.36. The company’s 50-day moving average stands at $2.75 while its 200-day moving average is $3.14. With a market capitalization of $831.69 million, the firm currently has a price-to-earnings (P/E) ratio of -10.70 and a beta of 1.61.
The company’s financial results for the last quarter were announced on August 9th, revealing earnings per share (EPS) of ($0.06), slightly lower than analysts’ consensus estimate of ($0.05). Coeur Mining generated revenue amounting to $177.20 million during this period, trailing behind expectations of $220.04 million.
Coeur Mining faced challenges as it registered a negative return on equity of 12.66% and a negative net margin of 8.64%. Furthermore, the company experienced a decline in revenue by 13.2% compared to the same period last year when it reported ($0.05) EPS.
Equities research analysts predict that Coeur Mining will post EPS of -0.16 for the current fiscal year.
Despite these developments and fluctuating performance indicators, Coeur Mining continues to operate in the basic materials industry with its range of mining assets across North America offering opportunities for investors seeking exposure to precious metals like silver and gold.
As always, potential investors are encouraged to thoroughly research and evaluate market conditions before making any investment decisions regarding Coeur Mining or any other stocks they may be considering for their portfolios.
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