Sibanye Gold (NYSE:SBSW) Trading 9.3% Higher After Dividend Announcement

Sibanye Gold Limited (NYSE:SBSW) shares traded up 9.3% on Wednesday after the company announced a dividend. The stock traded as high as $12.59 and last traded at $12.7450. 945,580 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 6,043,111 shares. The stock had previously closed at $11.66.

The newly announced dividend which will be paid on Tuesday, October 6th. Stockholders of record on Friday, September 18th will be paid a dividend of $0.4985 per share. This represents a dividend yield of 795.0%. The ex-dividend date of this dividend is Friday, September 18th.

Wall Street Analyst Weigh In

SBSW has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Sibanye Gold in a research note on Friday, July 17th. BMO Capital Markets dropped their price objective on Sibanye Gold from $14.00 to $12.00 and set a “market perform” rating on the stock in a report on Tuesday, July 14th. Zacks Research cut Sibanye Gold from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 9th. Citigroup raised Sibanye Gold from a “neutral” rating to a “buy” rating and set a $13.50 target price for the company in a research note on Thursday, August 13th. Finally, Wall Street Zen upgraded Sibanye Gold from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sibanye Gold has an average rating of “Hold” and a consensus target price of $16.82.

Sibanye Gold Stock Up 4.4%

The business has a fifty day simple moving average of $9.86 and a 200 day simple moving average of $11.62. The company has a current ratio of 2.72, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62.

Insider Buying and Selling

In other news, Director Richard Menell acquired 15,000 shares of Sibanye Gold stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average cost of $2.19 per share, with a total value of $32,850.00. Following the purchase, the director owned 25,125 shares in the company, valued at $55,023.75. This trade represents a 148.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Sibanye Gold

Several hedge funds and other institutional investors have recently modified their holdings of SBSW. Goehring & Rozencwajg Associates LLC boosted its stake in Sibanye Gold by 20.6% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 4,270,069 shares of the company’s stock worth $52,607,000 after buying an additional 730,389 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Sibanye Gold in the 2nd quarter worth $9,126,000. Sei Investments Co. raised its holdings in shares of Sibanye Gold by 67.5% during the 1st quarter. Sei Investments Co. now owns 868,470 shares of the company’s stock worth $10,700,000 after acquiring an additional 350,122 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Sibanye Gold during the 1st quarter worth $3,528,000. Finally, Erste Asset Management GmbH acquired a new position in shares of Sibanye Gold during the 4th quarter valued at about $1,414,000. 34.93% of the stock is owned by hedge funds and other institutional investors.

Sibanye Gold Company Profile

Sibanye Gold (NYSE:SBSW) is a precious metals mining company headquartered in Johannesburg, South Africa. The company’s core operations focus on the extraction, processing and exploration of gold. Through its South African gold mining operations, Sibanye Gold produces doré bars, gold in concentrate and carbon-in-leach product, leveraging both underground and surface mining techniques. The company also generates by-products such as uranium, copper and nickel, reflecting its commitment to maximizing resource recovery.

In addition to its South African footprint, Sibanye Gold has expanded into the platinum?group metals (PGM) sector through its acquisition of Stillwater Mining Company in 2017.