Centerra Gold (NYSE:CGAU) Shares Gap Down - Here's Why

Centerra Gold Inc. (NYSE:CGAU - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $7.08, but opened at $6.77. Centerra Gold shares last traded at $6.59, with a volume of 191,026 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CGAU shares. CIBC reiterated a "neutral" rating and issued a $13.00 target price (up previously from $11.00) on shares of Centerra Gold in a research report on Wednesday, July 10th. Cibc World Mkts lowered Centerra Gold from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $11.00.

Centerra Gold Price Performance

The stock's 50 day simple moving average is $7.11 and its 200-day simple moving average is $6.85. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 10.35 and a beta of 0.98.

Centerra Gold (NYSE:CGAU - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.07. Centerra Gold had a net margin of 10.68% and a return on equity of 10.72%. The firm had revenue of $282.31 million during the quarter. During the same quarter in the prior year, the company posted ($0.20) earnings per share. As a group, equities research analysts anticipate that Centerra Gold Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CGAU. Mirae Asset Global Investments Co. Ltd. grew its holdings in Centerra Gold by 7.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 174,426 shares of the company's stock valued at $1,142,000 after purchasing an additional 12,257 shares during the last quarter. Hartree Partners LP grew its stake in Centerra Gold by 11.3% in the 1st quarter. Hartree Partners LP now owns 490,900 shares of the company's stock valued at $2,901,000 after buying an additional 49,700 shares during the last quarter. Heartland Advisors Inc. raised its holdings in Centerra Gold by 2.8% in the 1st quarter. Heartland Advisors Inc. now owns 2,256,800 shares of the company's stock worth $13,338,000 after acquiring an additional 62,300 shares during the period. Russell Investments Group Ltd. raised its holdings in Centerra Gold by 80.0% in the 1st quarter. Russell Investments Group Ltd. now owns 117,034 shares of the company's stock worth $692,000 after acquiring an additional 52,014 shares during the period. Finally, Edmond DE Rothschild Holding S.A. lifted its position in Centerra Gold by 10.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 2,949,795 shares of the company's stock worth $17,425,000 after acquiring an additional 289,795 shares during the last quarter. 55.40% of the stock is owned by 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.