Gold Fields (NYSE:GFI) Shares Gap Up – Here’s What Happened

Gold Fields Limited (NYSE:GFI) shares gapped up prior to trading on Monday . The stock had previously closed at $13.66, but opened at $14.46. Gold Fields shares last traded at $14.44, with a volume of 679,394 shares traded.

Analyst Upgrades and Downgrades

GFI has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Gold Fields from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 5th. Investec upgraded Gold Fields from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. Bank of America began coverage on shares of Gold Fields in a research report on Monday, September 16th. They set a “buy” rating and a $16.00 price target for the company. Finally, Scotiabank lowered their price objective on shares of Gold Fields from $18.00 to $17.00 and set a “sector perform” rating on the stock in a research report on Monday, August 26th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.93.

Gold Fields Price Performance

The firm’s 50-day moving average is $15.69 and its 200-day moving average is $15.66.

Gold Fields Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, September 26th. Shareholders of record on Friday, September 13th were issued a dividend of $0.1692 per share. The ex-dividend date was Friday, September 13th. This represents a dividend yield of 2.2%.

Hedge Funds Weigh In On Gold Fields

Several institutional investors and hedge funds have recently added to or reduced their stakes in GFI. Van ECK Associates Corp raised its stake in Gold Fields by 3.3% during the third quarter. Van ECK Associates Corp now owns 48,505,911 shares of the company’s stock valued at $744,566,000 after buying an additional 1,549,372 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Gold Fields during the third quarter valued at $9,911,000. Mackenzie Financial Corp lifted its holdings in shares of Gold Fields by 28.7% during the second quarter. Mackenzie Financial Corp now owns 2,609,289 shares of the company’s stock valued at $38,878,000 after purchasing an additional 581,730 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Gold Fields by 10.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 6,155,835 shares of the company’s stock valued at $94,492,000 after buying an additional 580,546 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Gold Fields by 66.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,385,210 shares of the company’s stock worth $21,263,000 after buying an additional 551,210 shares in the last quarter. Hedge funds and other institutional investors own 26.02% of the company’s stock.

Gold Fields Company Profile

Gold Fields Limited operates as a gold producer with reserves and resources in Chile, South Africa, Ghana, Canada, Australia, and Peru. It also explores for copper and silver deposits. The company was founded in 1887 and is based in Sandton, South Africa.