Coeur Mining (NYSE:CDE) Shares Gap Up Following Earnings Beat

Coeur Mining, Inc. (NYSE:CDE)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.91, but opened at $6.38. Coeur Mining shares last traded at $6.34, with a volume of 4,492,496 shares trading hands.

The basic materials company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.07 by $0.05. The company had revenue of $313.50 million for the quarter, compared to the consensus estimate of $289.19 million. Coeur Mining had a negative return on equity of 4.59% and a negative net margin of 8.33%. The firm’s revenue for the quarter was up 61.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

Wall Street Analyst Weigh In

CDE has been the subject of a number of recent research reports. Cantor Fitzgerald cut shares of Coeur Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, August 8th. Raymond James lifted their price objective on shares of Coeur Mining from $6.25 to $7.00 and gave the stock a “market perform” rating in a research note on Friday, September 20th. Roth Mkm raised their target price on shares of Coeur Mining from $8.00 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Canaccord Genuity Group lifted their price target on shares of Coeur Mining from $7.00 to $7.75 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, BMO Capital Markets increased their price target on Coeur Mining from $7.50 to $8.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Coeur Mining presently has a consensus rating of “Moderate Buy” and an average price target of $7.81.

Hedge Funds Weigh In On Coeur Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aigen Investment Management LP lifted its stake in shares of Coeur Mining by 415.4% in the 3rd quarter. Aigen Investment Management LP now owns 103,886 shares of the basic materials company’s stock valued at $715,000 after acquiring an additional 83,730 shares during the last quarter. Chartwell Investment Partners LLC acquired a new position in Coeur Mining in the 3rd quarter worth about $1,066,000. Harvest Portfolios Group Inc. bought a new position in Coeur Mining in the third quarter valued at about $665,000. Old West Investment Management LLC boosted its stake in shares of Coeur Mining by 54.3% during the third quarter. Old West Investment Management LLC now owns 385,716 shares of the basic materials company’s stock valued at $2,654,000 after purchasing an additional 135,716 shares in the last quarter. Finally, Forum Financial Management LP bought a new stake in shares of Coeur Mining during the third quarter worth about $81,000. Institutional investors own 63.01% of the company’s stock.

Coeur Mining Price Performance

The company has a 50 day moving average price of $6.54 and a 200-day moving average price of $6.00. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -30.28 and a beta of 1.65. The company has a quick ratio of 0.45, a current ratio of 1.20 and a debt-to-equity ratio of 0.59.

Coeur Mining Company Profile

Coeur Mining, Inc explores for precious metals in the United States, Canada, and Mexico. The company primarily explores for gold, silver, zinc, and lead properties. It markets and sells its concentrates to third-party customers, smelters, under off-take agreements. The company was formerly known as Coeur d'Alene Mines Corporation and changed its name to Coeur Mining, Inc in May 2013.