Centerra Gold (NYSE:CGAU) Price Target Raised to $13.50

Centerra Gold (NYSE:CGAU) had its target price lifted by Scotiabank from $9.50 to $13.50 in a research note published on Thursday morning, MarketBeat.com reports. Scotiabank currently has a sector outperform rating on the stock.

Several other research firms have also commented on CGAU. Raymond James Financial lowered Centerra Gold from a “moderate buy” rating to a “hold” rating in a research report on Friday, October 10th. BMO Capital Markets reiterated a “market perform” rating on shares of Centerra Gold in a research report on Monday, September 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Centerra Gold in a research report on Wednesday, October 8th. CIBC restated an “outperform” rating on shares of Centerra Gold in a research report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Centerra Gold from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.17.

Centerra Gold Trading Down 1.3%

CGAU opened at $11.14 on Thursday. The firm has a market cap of $2.25 billion, a P/E ratio of 33.74, a P/E/G ratio of 0.72 and a beta of 0.88. Centerra Gold has a 12 month low of $5.41 and a 12 month high of $12.80. The stock has a 50-day moving average of $9.77 and a 200 day moving average of $7.98.

Centerra Gold (NYSE:CGAU) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.17 by $0.08. The company had revenue of $288.30 million during the quarter, compared to analyst estimates of $319.42 million. Centerra Gold had a return on equity of 9.12% and a net margin of 6.21%. On average, research analysts forecast that Centerra Gold will post 0.59 earnings per share for the current fiscal year.

Centerra Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Thursday, August 21st. Centerra Gold’s payout ratio is 60.61%.

Hedge Funds Weigh In On Centerra Gold

A number of large investors have recently bought and sold shares of CGAU. Goldman Sachs Group Inc. raised its stake in Centerra Gold by 57.2% in the first quarter. Goldman Sachs Group Inc. now owns 13,344,727 shares of the company’s stock worth $84,739,000 after buying an additional 4,853,494 shares in the last quarter. Nuveen LLC bought a new position in Centerra Gold in the first quarter worth approximately $14,634,000. Acadian Asset Management LLC raised its stake in Centerra Gold by 26.2% in the second quarter. Acadian Asset Management LLC now owns 8,494,055 shares of the company’s stock worth $61,027,000 after buying an additional 1,761,904 shares in the last quarter. Waratah Capital Advisors Ltd. raised its stake in Centerra Gold by 29.9% in the second quarter. Waratah Capital Advisors Ltd. now owns 6,678,897 shares of the company’s stock worth $48,155,000 after buying an additional 1,537,692 shares in the last quarter. Finally, Pale Fire Capital SE raised its stake in Centerra Gold by 52.6% in the first quarter. Pale Fire Capital SE now owns 3,467,298 shares of the company’s stock worth $22,017,000 after buying an additional 1,194,500 shares in the last quarter. Institutional investors own 55.40% of the company’s stock.

About Centerra Gold

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.