Centerra Gold (NYSE:CGAU) Shares Gap Up Following Dividend Announcement

Centerra Gold Inc. (NYSE:CGAU) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $11.01, but opened at $12.21. Centerra Gold shares last traded at $11.5170, with a volume of 382,799 shares trading hands.

The newly announced dividend which will be paid on Wednesday, November 26th. Investors of record on Thursday, November 13th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Thursday, November 13th. Centerra Gold’s dividend payout ratio is currently 60.61%.

Analyst Ratings Changes

CGAU has been the subject of a number of recent analyst reports. Scotiabank reiterated an “outperform” rating on shares of Centerra Gold in a report on Thursday, October 23rd. BMO Capital Markets reiterated a “market perform” rating on shares of Centerra Gold in a report on Monday, September 15th. Raymond James Financial lowered shares of Centerra Gold from a “moderate buy” rating to a “hold” rating in a report on Friday, October 10th. Royal Bank Of Canada lowered shares of Centerra Gold from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $13.00 to $14.00 in a report on Wednesday, September 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Centerra Gold in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Centerra Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.17.

Centerra Gold Stock Performance

The stock’s 50-day moving average price is $10.00 and its two-hundred day moving average price is $8.10. The stock has a market capitalization of $2.28 billion, a PE ratio of 6.86, a P/E/G ratio of 0.63 and a beta of 0.88.

Centerra Gold (NYSE:CGAU) last released its earnings results on Tuesday, October 28th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. The firm had revenue of $395.20 million for the quarter, compared to the consensus estimate of $314.74 million. Centerra Gold had a net margin of 26.35% and a return on equity of 10.88%. On average, analysts predict that Centerra Gold Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of Centerra Gold

Several institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its position in Centerra Gold by 57.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 13,344,727 shares of the company’s stock valued at $84,739,000 after purchasing an additional 4,853,494 shares during the last quarter. Royal Bank of Canada grew its position in Centerra Gold by 9.2% during the 1st quarter. Royal Bank of Canada now owns 8,684,513 shares of the company’s stock valued at $55,146,000 after purchasing an additional 734,104 shares during the last quarter. Acadian Asset Management LLC grew its position in Centerra Gold by 26.2% during the 2nd quarter. Acadian Asset Management LLC now owns 8,494,055 shares of the company’s stock valued at $61,027,000 after purchasing an additional 1,761,904 shares during the last quarter. Vanguard Group Inc. grew its position in Centerra Gold by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 8,310,457 shares of the company’s stock valued at $52,722,000 after purchasing an additional 55,839 shares during the last quarter. Finally, Ruffer LLP grew its position in Centerra Gold by 0.9% during the 2nd quarter. Ruffer LLP now owns 7,153,309 shares of the company’s stock valued at $51,590,000 after purchasing an additional 64,070 shares during the last quarter. 55.40% of the stock is owned by hedge funds and other 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.