Centerra Gold (NYSE:CGAU) Shares Down 10.2% – Here’s Why

Centerra Gold Inc. (NYSE:CGAU)’s stock price dropped 10.2% during trading on Friday . The stock traded as low as $17.60 and last traded at $17.5310. Approximately 518,822 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 2,032,304 shares. The stock had previously closed at $19.52.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Cormark upgraded Centerra Gold from a “hold” rating to a “moderate buy” rating in a report on Thursday, October 30th. Zacks Research lowered Centerra Gold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. BMO Capital Markets upgraded shares of Centerra Gold from a “hold” rating to an “outperform” rating in a report on Tuesday, January 20th. Scotiabank lifted their price target on shares of Centerra Gold from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Raymond James Financial reissued a “market perform” rating on shares of Centerra Gold in a research report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Centerra Gold presently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Centerra Gold Stock Down 12.4%

The firm’s 50 day simple moving average is $15.00 and its 200-day simple moving average is $11.39. The company has a current ratio of 2.89, a quick ratio of 2.10 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.87.

Centerra Gold (NYSE:CGAU) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.11. The company had revenue of $395.20 million during the quarter, compared to analysts’ expectations of $314.74 million. Centerra Gold had a return on equity of 10.47% and a net margin of 26.35%. Equities analysts expect that Centerra Gold Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of Centerra Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in Centerra Gold by 25.1% in the 2nd quarter. Legal & General Group Plc now owns 818,429 shares of the company’s stock valued at $5,884,000 after purchasing an additional 164,238 shares during the last quarter. Accordant Advisory Group Inc bought a new position in shares of Centerra Gold during the 3rd quarter worth approximately $2,039,000. Intact Investment Management Inc. increased its holdings in shares of Centerra Gold by 41.5% during the 3rd quarter. Intact Investment Management Inc. now owns 567,900 shares of the company’s stock worth $6,085,000 after acquiring an additional 166,500 shares during the last quarter. Virtus Advisers LLC bought a new stake in Centerra Gold in the 2nd quarter valued at $3,484,000. Finally, American Century Companies Inc. lifted its holdings in Centerra Gold by 12.1% during the 2nd quarter. American Century Companies Inc. now owns 4,054,829 shares of the company’s stock valued at $29,211,000 after purchasing an additional 436,175 shares during the last quarter. 55.40% of the stock is owned by institutional investors.

Centerra Gold Company Profile

Centerra Gold Inc is a gold mining company incorporated in Canada and headquartered in Toronto. The company specializes in the exploration, development and operation of precious metals properties, with a focus on gold production. Centerra’s portfolio includes the Mount Milligan mine in British Columbia, Canada, and the Otjikoto mine in Namibia. Both operations produce gold and copper concentrates and employ modern mining methods and processing facilities to optimize recovery rates and minimize environmental impact.

In addition to its producing assets, Centerra is advancing the development of its Greenstone Gold Project in Ontario, Canada, which, upon completion, is expected to become one of Canada’s largest gold mines.