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

Shares of Centerra Gold Inc. (NYSE:CGAU) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $6.48, but opened at $6.73. Centerra Gold shares last traded at $6.98, with a volume of 168,169 shares changing hands.

The newly announced dividend which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 4.02%. Centerra Gold’s dividend payout ratio (DPR) is 52.78%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. National Bank Financial upgraded shares of Centerra Gold to a “strong-buy” rating in a research note on Friday, March 21st. Scotiabank reiterated an “outperform” rating on shares of Centerra Gold in a research note on Monday, April 14th. National Bankshares restated an “outperform” rating on shares of Centerra Gold in a research report on Wednesday, April 23rd. CIBC reiterated a “neutral” rating on shares of Centerra Gold in a research note on Thursday, March 20th. Finally, Cormark cut shares of Centerra Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Centerra Gold has an average rating of “Moderate Buy” and an average price target of $12.00.

Centerra Gold Stock Performance

The company has a market cap of $1.46 billion, a PE ratio of 19.39 and a beta of 0.80. The company’s 50-day simple moving average is $6.22 and its 200 day simple moving average is $6.20.

Centerra Gold (NYSE:CGAU) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Centerra Gold had a net margin of 6.62% and a return on equity of 8.83%. Analysts forecast that Centerra Gold Inc. will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Centerra Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in CGAU. Millennium Management LLC raised its stake in shares of Centerra Gold by 0.3% during the fourth quarter. Millennium Management LLC now owns 585,238 shares of the company’s stock worth $3,330,000 after purchasing an additional 1,663 shares during the last quarter. Toronto Dominion Bank raised its holdings in Centerra Gold by 8.8% during the fourth quarter. Toronto Dominion Bank now owns 36,901 shares of the company’s stock worth $210,000 after purchasing an additional 2,980 shares during the last quarter. Hsbc Holdings PLC boosted its position in Centerra Gold by 6.5% during the fourth quarter. Hsbc Holdings PLC now owns 52,769 shares of the company’s stock worth $299,000 after purchasing an additional 3,201 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Centerra Gold by 2.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 181,755 shares of the company’s stock valued at $1,036,000 after purchasing an additional 3,608 shares during the last quarter. Finally, Capstone Investment Advisors LLC increased its position in shares of Centerra Gold by 34.2% in the fourth quarter. Capstone Investment Advisors LLC now owns 16,712 shares of the company’s stock valued at $95,000 after buying an additional 4,263 shares in the last quarter. Hedge funds and other 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.