Centerra Gold (NYSE:CGAU) Shares Gap Up to $6.90

Centerra Gold Inc. (NYSE:CGAU)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $6.90, but opened at $7.06. Centerra Gold shares last traded at $6.95, with a volume of 114,173 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. CIBC reiterated a “neutral” rating and issued a $13.00 price target (up from $11.00) on shares of Centerra Gold in a research note on Wednesday, July 10th. Scotiabank increased their target price on Centerra Gold from $8.00 to $9.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 23rd. Finally, Cibc World Mkts cut Centerra Gold from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

Centerra Gold Stock Up 0.9 %

The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 25.57 and a beta of 0.98. The company has a 50 day simple moving average of $6.83 and a 200 day simple moving average of $6.55.

Centerra Gold (NYSE:CGAU) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.07. Centerra Gold had a net margin of 10.68% and a return on equity of 10.72%. The company had revenue of $282.31 million during the quarter. During the same quarter last year, the company posted ($0.20) earnings per share. As a group, analysts predict that Centerra Gold Inc. will post 0.81 earnings per share for the current fiscal year.

Centerra Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.051 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Thursday, August 15th. Centerra Gold’s payout ratio is 74.07%.

Institutional Investors Weigh In On Centerra Gold

A number of institutional investors have recently modified their holdings of CGAU. Van ECK Associates Corp increased its holdings in Centerra Gold by 7.6% in the first quarter. Van ECK Associates Corp now owns 22,034,754 shares of the company’s stock worth $130,191,000 after purchasing an additional 1,552,601 shares in the last quarter. Donald Smith & CO. Inc. increased its stake in shares of Centerra Gold by 8.8% in the 1st quarter. Donald Smith & CO. Inc. now owns 10,747,290 shares of the company’s stock valued at $63,516,000 after acquiring an additional 867,334 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Centerra Gold by 594.6% during the 2nd quarter. Acadian Asset Management LLC now owns 8,862,170 shares of the company’s stock valued at $59,532,000 after acquiring an additional 7,586,370 shares during the period. Goldman Sachs Group Inc. boosted its stake in Centerra Gold by 8.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,164,687 shares of the company’s stock worth $18,862,000 after acquiring an additional 247,027 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Centerra Gold by 2.9% in the fourth quarter. Wellington Management Group LLP now owns 3,070,263 shares of the company’s stock worth $18,418,000 after purchasing an additional 87,248 shares during the period. 55.40% of the stock is owned by institutional investors.

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.