Centerra Gold (NYSE:CGAU) Stock Price Down 3.2% on Analyst Downgrade

Centerra Gold Inc. (NYSE:CGAU) shares fell 3.2% on Wednesday after Scotiabank lowered their price target on the stock from $10.00 to $9.00. Scotiabank currently has a sector outperform rating on the stock. Centerra Gold traded as low as $5.79 and last traded at $5.82. 142,979 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 615,769 shares. The stock had previously closed at $6.01.

Separately, Desjardins upgraded shares of Centerra Gold to a “moderate buy” rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Hedge Funds Weigh In On Centerra Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC grew its position in Centerra Gold by 12.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,384 shares of the company’s stock valued at $96,000 after buying an additional 1,573 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Centerra Gold by 4.1% in the 2nd quarter. Hsbc Holdings PLC now owns 48,101 shares of the company’s stock worth $325,000 after acquiring an additional 1,895 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Centerra Gold by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 178,489 shares of the company’s stock worth $1,199,000 after buying an additional 2,120 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Centerra Gold by 8.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,308 shares of the company’s stock valued at $419,000 after acquiring an additional 4,373 shares during the last quarter. Finally, Toronto Dominion Bank boosted its holdings in Centerra Gold by 22.8% during the third quarter. Toronto Dominion Bank now owns 33,921 shares of the company’s stock worth $243,000 after buying an additional 6,307 shares in the last quarter. 55.40% of the stock is owned by institutional investors.

Centerra Gold Stock Performance

The firm has a 50 day moving average price of $5.91 and a two-hundred day moving average price of $6.58. The firm has a market capitalization of $1.23 billion, a P/E ratio of 12.22 and a beta of 0.90.

Centerra Gold (NYSE:CGAU) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). Centerra Gold had a return on equity of 10.34% and a net margin of 8.31%. The firm had revenue of $323.93 million for the quarter. During the same quarter last year, the firm posted $0.20 EPS. Equities research analysts forecast that Centerra Gold Inc. will post 0.77 earnings per share for the current fiscal year.

Centerra Gold Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were given a $0.052 dividend. This is an increase from Centerra Gold’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $0.21 dividend on an annualized basis and a yield of 3.55%. Centerra Gold’s dividend payout ratio is presently 45.83%.

Centerra Gold Company Profile

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.