Scotiabank Cuts Gold Fields (NYSE:GFI) Price Target to $60.00

Gold Fields (NYSE:GFI) had its price objective reduced by equities researchers at Scotiabank from $61.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 53.18% from the company’s current price.

GFI has been the topic of several other reports. Morgan Stanley cut Gold Fields from an “equal weight” rating to an “underweight” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Gold Fields in a research note on Thursday, January 22nd. Wall Street Zen upgraded Gold Fields from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Royal Bank Of Canada decreased their price objective on Gold Fields to $45.00 and set an “outperform” rating on the stock in a report on Monday, November 24th. Finally, Citigroup increased their target price on Gold Fields from $50.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $43.88.

Gold Fields Stock Performance

GFI traded down $1.58 during trading on Friday, hitting $39.17. 1,382,026 shares of the company traded hands, compared to its average volume of 3,475,677. The stock’s 50-day simple moving average is $52.24 and its two-hundred day simple moving average is $45.03. Gold Fields has a 1 year low of $19.35 and a 1 year high of $61.64.

Hedge Funds Weigh In On Gold Fields

Hedge funds have recently made changes to their positions in the company. Country Trust Bank acquired a new stake in shares of Gold Fields in the second quarter worth approximately $26,000. CIBC Private Wealth Group LLC lifted its holdings in Gold Fields by 47.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 853 shares of the company’s stock valued at $36,000 after purchasing an additional 273 shares in the last quarter. Archer Investment Corp purchased a new position in Gold Fields in the 3rd quarter valued at $42,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Gold Fields during the 3rd quarter worth $45,000. Finally, Bayforest Capital Ltd boosted its stake in Gold Fields by 1,106.7% during the 4th quarter. Bayforest Capital Ltd now owns 1,086 shares of the company’s stock worth $47,000 after purchasing an additional 996 shares during the last quarter. Institutional investors and hedge funds own 24.81% of the company’s stock.

About Gold Fields

Gold Fields (NYSE: GFI) is a Johannesburg‑based gold mining company that operates as an international producer of gold. Listed on multiple exchanges and traded in the United States via American Depositary Receipts under the ticker GFI, the company focuses on the exploration, development, extraction and processing of gold-bearing ore and the sale of refined gold products. Its operations span several regions, serving global bullion markets and supplying gold for both investment and industrial uses.

The company’s core activities include mine development and underground and open‑pit mining, ore treatment and refining, and ongoing exploration to replace reserves.