Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) was downgraded by research analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research report issued on Wednesday. They presently have a $14.25 price objective on the basic materials company’s stock, down from their prior price objective of $14.40. Citigroup Inc.’s target price would suggest a potential upside of 1.14% from the company’s current price.
A number of other research firms have also weighed in on DDC. Gabelli lowered shares of Dominion Diamond Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday. BMO Capital Markets lowered shares of Dominion Diamond Corporation from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Royal Bank Of Canada reiterated a “hold” rating and issued a $12.00 price objective on shares of Dominion Diamond Corporation in a research note on Wednesday, June 21st. Finally, Scotiabank increased their price objective on shares of Dominion Diamond Corporation from $14.00 to $14.50 and gave the stock an “outperform” rating in a research note on Thursday, June 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Dominion Diamond Corporation has an average rating of “Hold” and a consensus price target of $15.07.
Shares of Dominion Diamond Corporation (DDC) opened at 14.07 on Wednesday. The company’s market cap is $1.13 billion. The firm has a 50-day moving average of $12.91 and a 200-day moving average of $11.58. Dominion Diamond Corporation has a 52-week low of $7.92 and a 52-week high of $14.14.
Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) last issued its quarterly earnings results on Monday, June 12th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. Dominion Diamond Corporation had a negative net margin of 1.07% and a positive return on equity of 1.46%. The business had revenue of $211 million for the quarter. During the same quarter in the previous year, the company posted ($0.01) EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities research analysts forecast that Dominion Diamond Corporation will post $0.93 earnings per share for the current year.
Dominion Diamond Corporation announced that its board has authorized a share buyback program on Monday, July 17th that allows the company to repurchase outstanding shares. This repurchase authorization allows the basic materials company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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Several hedge funds have recently added to or reduced their stakes in DDC. Geneva Advisors LLC raised its stake in Dominion Diamond Corporation by 16.4% in the first quarter. Geneva Advisors LLC now owns 60,650 shares of the basic materials company’s stock worth $766,000 after buying an additional 8,565 shares during the last quarter. Tocqueville Asset Management L.P. raised its stake in Dominion Diamond Corporation by 94.0% in the first quarter. Tocqueville Asset Management L.P. now owns 247,721 shares of the basic materials company’s stock worth $3,129,000 after buying an additional 120,000 shares during the last quarter. ARP Americas LLC acquired a new stake in Dominion Diamond Corporation during the first quarter worth $424,000. Havens Advisors LLC acquired a new stake in Dominion Diamond Corporation during the first quarter worth $2,186,000. Finally, Candriam Luxembourg S.C.A. acquired a new stake in Dominion Diamond Corporation during the first quarter worth $3,789,000. Hedge funds and other institutional investors own 56.34% of the company’s stock.
Dominion Diamond Corporation Company Profile
Dominion Diamond Corp is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company’s segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine.
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