Zacks Investment Research Downgrades Goldcorp Inc. (GG) to Sell

Goldcorp Inc. (NYSE:GG) (TSE:G) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.

According to Zacks, “Annual estimates for Goldcorp have been going down of late. The company’s weakening production is a concern. Its guidance for 2017 reflects a year over year decline in production. Moreover, the company has a debt-laden balance sheet. Goldcorp is also exposed to a volatile gold pricing environment. The company’s stretched valuation is another concern. Goldcorp has also underperformed the industry it belongs to over the last year.”

Several other research analysts have also recently issued reports on GG. TD Securities decreased their target price on shares of Goldcorp from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 4th. BidaskClub raised shares of Goldcorp from a “sell” rating to a “hold” rating in a report on Friday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Goldcorp in a report on Monday, September 25th. Royal Bank Of Canada decreased their target price on shares of Goldcorp from $16.00 to $15.00 and set a “sector perform” rating for the company in a report on Tuesday, August 15th. Finally, Jefferies Group LLC set a $13.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $16.66.

Shares of Goldcorp (NYSE GG) traded up 0.45% during midday trading on Monday, reaching $13.36. 1,043,134 shares of the company’s stock were exchanged. Goldcorp has a 12-month low of $11.91 and a 12-month high of $17.87. The stock has a market capitalization of $11.56 billion, a P/E ratio of 24.51 and a beta of -0.07. The firm has a 50-day moving average of $13.27 and a 200-day moving average of $13.67.

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A number of hedge funds and other institutional investors have recently made changes to their positions in GG. FMR LLC boosted its position in shares of Goldcorp by 163.8% in the first quarter. FMR LLC now owns 17,612,338 shares of the basic materials company’s stock worth $256,931,000 after purchasing an additional 10,937,064 shares during the period. Majedie Asset Management Ltd boosted its position in shares of Goldcorp by 246.3% in the second quarter. Majedie Asset Management Ltd now owns 8,195,649 shares of the basic materials company’s stock worth $105,806,000 after purchasing an additional 5,828,676 shares during the period. CIBC World Markets Inc. boosted its position in shares of Goldcorp by 91.2% in the second quarter. CIBC World Markets Inc. now owns 10,717,490 shares of the basic materials company’s stock worth $138,363,000 after purchasing an additional 5,112,943 shares during the period. Greystone Managed Investments Inc. bought a new position in shares of Goldcorp in the second quarter worth approximately $26,496,000. Finally, Renaissance Technologies LLC bought a new position in shares of Goldcorp in the second quarter worth approximately $21,450,000. Institutional investors own 53.97% of the company’s stock.

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

According to Zacks, “Annual estimates for Goldcorp have been going down of late. The company’s weakening production is a concern. Its guidance for 2017 reflects a year over year decline in production. Moreover, the company has a debt-laden balance sheet. Goldcorp is also exposed to a volatile gold pricing environment. The company’s stretched valuation is another concern. Goldcorp has also underperformed the industry it belongs to over the last year.”

Several other research analysts have also recently issued reports on GG. TD Securities decreased their target price on shares of Goldcorp from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 4th. BidaskClub raised shares of Goldcorp from a “sell” rating to a “hold” rating in a report on Friday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Goldcorp in a report on Monday, September 25th. Royal Bank Of Canada decreased their target price on shares of Goldcorp from $16.00 to $15.00 and set a “sector perform” rating for the company in a report on Tuesday, August 15th. Finally, Jefferies Group LLC set a $13.00 target price on shares of Goldcorp and gave the stock a “hold” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $16.66.

Shares of Goldcorp (NYSE GG) traded up 0.45% during midday trading on Monday, reaching $13.36. 1,043,134 shares of the company’s stock were exchanged. Goldcorp has a 12-month low of $11.91 and a 12-month high of $17.87. The stock has a market capitalization of $11.56 billion, a P/E ratio of 24.51 and a beta of -0.07. The firm has a 50-day moving average of $13.27 and a 200-day moving average of $13.67.

COPYRIGHT VIOLATION WARNING: This piece of content was posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The legal version of this piece of content can be accessed at https://ledgergazette.com/2017/10/09/zacks-investment-research-downgrades-goldcorp-inc-gg-to-sell.html.

A number of hedge funds and other institutional investors have recently made changes to their positions in GG. FMR LLC boosted its position in shares of Goldcorp by 163.8% in the first quarter. FMR LLC now owns 17,612,338 shares of the basic materials company’s stock worth $256,931,000 after purchasing an additional 10,937,064 shares during the period. Majedie Asset Management Ltd boosted its position in shares of Goldcorp by 246.3% in the second quarter. Majedie Asset Management Ltd now owns 8,195,649 shares of the basic materials company’s stock worth $105,806,000 after purchasing an additional 5,828,676 shares during the period. CIBC World Markets Inc. boosted its position in shares of Goldcorp by 91.2% in the second quarter. CIBC World Markets Inc. now owns 10,717,490 shares of the basic materials company’s stock worth $138,363,000 after purchasing an additional 5,112,943 shares during the period. Greystone Managed Investments Inc. bought a new position in shares of Goldcorp in the second quarter worth approximately $26,496,000. Finally, Renaissance Technologies LLC bought a new position in shares of Goldcorp in the second quarter worth approximately $21,450,000. Institutional investors own 53.97% of the company’s stock.

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.

Analyst Recommendations for Goldcorp (NYSE:GG)

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