Aigen Investment Management LP Buys New Stake in Eldorado Gold Corporation (NYSE:EGO)

Key Points

• Aigen Investment Management LP acquired 27,226 shares of Eldorado Gold Corporation, valued at approximately $458,000, marking a new stake in the company during the first quarter.
• Various institutional investors have increased their stakes in Eldorado Gold, with notable purchases increasing ownership by firms like Vanguard Group Inc. and ANTIPODES PARTNERS Ltd. during the same period.
• A consensus rating of "Moderate Buy" has been established for Eldorado Gold, despite analysts reducing the target price from $29.00 to $27.00, with four analysts rating the stock as a "hold."

Aigen Investment Management LP bought a new position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 27,226 shares of the basic materials company's stock, valued at approximately $458,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in Eldorado Gold by 17.9% during the 1st quarter. Invesco Ltd. now owns 2,347,487 shares of the basic materials company's stock worth $39,485,000 after purchasing an additional 355,962 shares during the period. LaSalle St. Investment Advisors LLC grew its position in Eldorado Gold by 7.0% during the 1st quarter. LaSalle St. Investment Advisors LLC now owns 19,574 shares of the basic materials company's stock worth $329,000 after purchasing an additional 1,275 shares during the period. Deutsche Bank AG grew its position in Eldorado Gold by 85.2% during the 1st quarter. Deutsche Bank AG now owns 870,357 shares of the basic materials company's stock worth $14,639,000 after purchasing an additional 400,477 shares during the period. Vanguard Group Inc. grew its position in Eldorado Gold by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 8,029,969 shares of the basic materials company's stock worth $134,984,000 after purchasing an additional 148,567 shares during the period. Finally, Ruffer LLP acquired a new stake in Eldorado Gold during the 1st quarter worth about $16,687,000. Hedge funds and other institutional investors own 69.58% of the company's stock.

Wall Street Analyst Weigh In

EGO has been the topic of a number of analyst reports. CIBC restated an "outperform" rating on shares of Eldorado Gold in a research report on Tuesday, July 15th. Wall Street Zen cut Eldorado Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Scotiabank restated a "sector perform" rating on shares of Eldorado Gold in a research report on Monday, August 11th. Canaccord Genuity Group dropped their target price on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Finally, National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Eldorado Gold has a consensus rating of "Moderate Buy" and an average price target of $23.60.

Eldorado Gold Price Performance

EGO traded up $0.35 during trading on Friday, reaching $22.81. The company's stock had a trading volume of 1,322,292 shares, compared to its average volume of 1,865,058. The company has a quick ratio of 2.65, a current ratio of 3.23 and a debt-to-equity ratio of 0.28. The firm has a fifty day simple moving average of $21.03 and a two-hundred day simple moving average of $18.44. Eldorado Gold Corporation has a 1 year low of $13.29 and a 1 year high of $23.58. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 0.36 and a beta of 0.37.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.07). Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%. The business had revenue of $459.53 million during the quarter, compared to analysts' expectations of $401.85 million. As a group, analysts anticipate that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Eldorado Gold Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.