Centerra Gold (NYSE:CGAU) Shares Up 4.6% – Here’s What Happened

Shares of Centerra Gold Inc. (NYSE:CGAU) shot up 4.6% on Tuesday . The company traded as high as $6.48 and last traded at $6.38. 140,891 shares traded hands during trading, a decline of 82% from the average session volume of 779,367 shares. The stock had previously closed at $6.10.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CGAU shares. Cormark lowered Centerra Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, February 26th. National Bank Financial upgraded Centerra Gold to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank reduced their target price on Centerra Gold from $10.00 to $9.00 and set a “sector outperform” rating for the company in a research report on Wednesday, January 15th. CIBC reiterated a “neutral” rating on shares of Centerra Gold in a research note on Thursday, March 20th. Finally, Desjardins cut shares of Centerra Gold from a “moderate buy” rating to a “hold” rating in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Centerra Gold currently has an average rating of “Moderate Buy” and a consensus price target of $11.00.

Centerra Gold Stock Performance

The firm has a 50 day moving average price of $6.15 and a two-hundred day moving average price of $6.34. The company has a market capitalization of $1.32 billion, a P/E ratio of 17.43 and a beta of 0.92.

Centerra Gold (NYSE:CGAU) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.03). Centerra Gold had a net margin of 6.62% and a return on equity of 8.83%. The company had revenue of $302.40 million during the quarter, compared to the consensus estimate of $316.92 million. On average, equities analysts expect that Centerra Gold Inc. will post 0.59 earnings per share for the current year.

Centerra Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a $0.07 dividend. This is a positive change from Centerra Gold’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $0.28 annualized dividend and a dividend yield of 4.46%. Centerra Gold’s dividend payout ratio is presently 52.78%.

Hedge Funds Weigh In On Centerra Gold

Several institutional investors have recently added to or reduced their stakes in the company. Vise Technologies Inc. bought a new stake in Centerra Gold during the fourth quarter worth about $58,000. SG Americas Securities LLC acquired a new position in shares of Centerra Gold in the 4th quarter worth approximately $59,000. Massachusetts Financial Services Co. MA bought a new stake in Centerra Gold during the 4th quarter worth approximately $60,000. Susquehanna Advisors Group Inc. acquired a new stake in Centerra Gold during the 4th quarter valued at $61,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Centerra Gold in the 4th quarter valued at $79,000. 55.40% of the stock is owned by institutional investors.

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.