Bailard Inc. Reduces Stake in Coeur Mining by Over 51%

Bailard Inc. has significantly reduced its holdings in Coeur Mining, Inc. (NYSE:CDE), trimming its position by 51.1% in the third quarter of 2023. According to a recent disclosure with the U.S. Securities and Exchange Commission (SEC), Bailard now owns 22,800 shares of the precious metals mining company after selling 23,800 shares during the quarter. This reduction brings the total value of Bailard’s holdings in Coeur Mining to approximately $428,000 as of its latest filing.

Several other institutional investors have also adjusted their stakes in Coeur Mining recently. For instance, EverSource Wealth Advisors LLC increased its position by 74.2% in the second quarter, accumulating 3,368 shares valued at around $30,000 after purchasing an additional 1,435 shares. Additionally, Luminist Capital LLC established a new position worth about $40,000 in the same quarter, while Focus Partners Wealth acquired shares valued at approximately $60,000 in the first quarter.

PNC Financial Services Group Inc. has also made headlines by growing its stake in Coeur Mining by 180.0% during the second quarter, bringing its total to 7,894 shares valued at $70,000 after acquiring an additional 5,075 shares. Currently, institutional investors and hedge funds hold 63.01% of Coeur Mining’s stock.

Analyst Ratings and Performance Overview

Recent analyst ratings indicate a generally positive outlook for Coeur Mining. TD Securities raised its target price from $23.00 to $25.00 and assigned a “buy” rating on November 11. Wall Street Zen upgraded the stock from a “hold” to a “buy” rating on December 21. Other financial institutions, including Roth MKM and Zacks Research, also issued positive ratings, with Roth MKM setting a price objective of $23.00 and Zacks moving its rating to “strong-buy.”

According to MarketBeat data, Coeur Mining currently holds a consensus rating of “Buy” with a target price of approximately $18.17. The company’s stock opened at $26.11 on Friday and has fluctuated between a 52-week low of $4.58 and a high of $26.50.

Financial Results and Future Projections

Coeur Mining recently released its quarterly earnings results on October 29, 2023. The company reported earnings per share of $0.23, falling short of analysts’ expectations of $0.25 by $0.02. The company generated revenue of $554.57 million for the quarter, exceeding predictions of $511.20 million. This marks a remarkable 76.9% increase in revenue compared to the same quarter last year, when the company reported earnings of $0.12 per share.

Looking ahead, analysts anticipate that Coeur Mining, Inc. will post earnings of $0.58 per share for the current fiscal year. The company, which is headquartered in Chicago, Illinois, focuses on the exploration, development, and production of silver and gold deposits. Its operational strategy includes a combination of existing mines and advanced exploration projects aimed at delivering consistent production while adhering to industry standards for safety and environmental management.

Coeur Mining continues to position itself as a key player in the precious metals market, maintaining a portfolio that includes five principal operating mines and several exploration projects across North America and Australia.