BlackRock Slashes Coeur Mining Stake to 3.8% from 10.1%
Ticker: CDE · Form: SC 13G/A · Filed: Jan 24, 2024 · CIK: 215466
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, stake-reduction, gold-silver-mining
TL;DR
**BlackRock cut its Coeur Mining stake to 3.8%, a big drop from 10.1%.**
AI Summary
BlackRock Inc. has updated its ownership stake in Coeur Mining, Inc. as of December 31, 2023, through an SC 13G/A filing. This amendment, number 7, indicates BlackRock now beneficially owns 10,750,970 shares of Coeur Mining's Common Stock, representing 3.8% of the company. This matters to investors because BlackRock, a major institutional investor, has significantly reduced its stake from the previously reported 10.1% in their last filing, signaling a potential shift in their investment outlook for the gold and silver mining company.
Why It Matters
A major institutional investor like BlackRock significantly reducing its stake can signal a lack of confidence in Coeur Mining's future performance, potentially leading to downward pressure on the stock price.
Risk Assessment
Risk Level: medium — The substantial reduction in BlackRock's ownership could indicate a perceived increase in risk or a less favorable outlook for Coeur Mining by a sophisticated investor.
Analyst Insight
A smart investor would investigate the reasons behind BlackRock's significant reduction in stake, potentially looking for other institutional selling or negative news specific to Coeur Mining or the gold and silver mining sector, before making any investment decisions.
Key Numbers
- 10,750,970 — Shares Beneficially Owned (This is the total number of Coeur Mining shares BlackRock now holds, a significant decrease from previous filings.)
- 3.8% — Percentage of Class (This represents BlackRock's current ownership percentage, down from a previously reported 10.1%.)
- 7 — Amendment Number (This indicates it's the seventh update to BlackRock's Schedule 13G filing for Coeur Mining.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
- Coeur Mining, Inc. (company) — the subject company whose shares are being reported
- 10,750,970 shares (dollar_amount) — the number of shares beneficially owned by BlackRock as of December 31, 2023
- 3.8% (dollar_amount) — the percentage of Coeur Mining's Common Stock owned by BlackRock
- December 31, 2023 (date) — the date of the event requiring this filing
Forward-Looking Statements
- Coeur Mining's stock price may experience downward pressure in the short term. (Coeur Mining, Inc.) — medium confidence, target: Q1 2024
- Other institutional investors might re-evaluate their positions in Coeur Mining. (Institutional Investors) — low confidence, target: Q2 2024
FAQ
What is the primary purpose of this SC 13G/A filing?
This SC 13G/A filing, Amendment No. 7, is filed by BlackRock Inc. to update its beneficial ownership of Coeur Mining, Inc. Common Stock as of December 31, 2023, as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.
How many shares of Coeur Mining, Inc. Common Stock does BlackRock Inc. beneficially own according to this filing?
As of December 31, 2023, BlackRock Inc. beneficially owns 10,750,970 shares of Coeur Mining, Inc. Common Stock.
What percentage of Coeur Mining, Inc.'s Common Stock does BlackRock Inc. now own?
BlackRock Inc. now beneficially owns 3.8% of Coeur Mining, Inc.'s Common Stock, as stated in the filing.
What was the date of the event that triggered this filing?
The date of the event which requires the filing of this statement was December 31, 2023.
Which rule under the Securities Exchange Act of 1934 is BlackRock Inc. filing under?
BlackRock Inc. is filing this Schedule 13G under Rule 13d-1(b) of the Securities Exchange Act of 1934, as indicated by the 'X' in the appropriate box.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 24, 2024 regarding Coeur Mining, Inc. (CDE).