Range Financial Group LLC significantly reduced its stake in Coeur Mining, Inc. (NYSE:CDE) during the third quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, the firm sold a substantial 115,420 shares, leaving it with a total of 10,462 shares valued at approximately $196,000.
This divestment reflects a dramatic 91.7% decrease in Range Financial Group’s holdings in the basic materials company. The move comes as various institutional investors have also adjusted their positions in Coeur Mining, indicating a shift in market strategies.
Institutional Investment Trends
Several other investment firms have recently modified their investments in Coeur Mining. For instance, Ameritas Investment Partners Inc. increased its holdings by 1.8% in the second quarter, now owning 65,416 shares valued at $580,000 after acquiring 1,183 additional shares. Similarly, BFI Infinity Ltd. expanded its position by 3.2%, holding 43,560 shares worth $386,000.
EverSource Wealth Advisors LLC made a notable increase, boosting its stake by 74.2%, resulting in ownership of 3,368 shares valued at $30,000. Janney Montgomery Scott LLC also reported a 7.2% increase, now holding 23,702 shares worth $210,000 after an additional purchase of 1,602 shares. Meanwhile, Plancorp LLC grew its stake by 0.5%, bringing its total to 300,790 shares valued at $1.78 million.
Overall, institutional investors and hedge funds currently own 63.01% of Coeur Mining’s stock.
Market Performance and Analyst Ratings
On October 30, 2023, Coeur Mining shares opened at $18.08, reflecting a market capitalization of $11.61 billion. The company has a price-to-earnings ratio of 27.40 and a beta of 1.33. Over the past year, Coeur Mining’s stock has fluctuated, with a low of $4.58 and a high of $23.61. The firm maintains a fifty-day simple moving average of $16.50 and a 200-day simple moving average of $14.33.
Analysts have issued mixed ratings for Coeur Mining. Cormark downgraded the stock from a “moderate buy” to a “hold” rating on October 29, while TD Cowen upgraded it to a “strong buy” on December 1. Zacks Research downgraded the company from a “strong buy” to a “hold” on November 24. TD Securities increased its price target from $23.00 to $25.00, maintaining a “buy” rating. Conversely, Cantor Fitzgerald downgraded the stock from “overweight” to “hold,” setting a price target of $16.00.
Currently, two analysts have assigned a “strong buy” rating, six a “buy” rating, and three a “hold” rating, resulting in an overall consensus rating of “moderate buy” with an average price target of $16.75, according to data from MarketBeat.com.
Coeur Mining, headquartered in Chicago, Illinois, is a publicly traded precious metals mining company that focuses on the exploration, development, and production of silver and gold. The company’s portfolio includes five principal operating mines and several exploration projects across North America and Australia, emphasizing safety, environmental stewardship, and cost management in its operations.
