604,615 Shares in Eldorado Gold Corporation $EGO Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 604,615 Eldorado Gold shares in the second quarter, valued at approximately $18.8 million and representing a 0.23% stake. Institutional investors collectively own 69.58% of the company.
• Analyst sentiment has improved, with multiple firms upgrading Eldorado Gold to “buy” or “outperform.” The stock carries a consensus “Moderate Buy” rating and a $46.57 average price target.
• Eldorado Gold reported quarterly earnings of $0.54 per share, beating estimates, while revenue came in below expectations. The company also maintains a quarterly dividend of $0.075 per share, yielding about 0.7% annually.

Bank of America Corp DE acquired a new position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 604,615 shares of the basic materials company's stock, valued at approximately $18,797,000. Bank of America Corp DE owned 0.23% of Eldorado Gold as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EFG International AG purchased a new stake in shares of Eldorado Gold in the 2nd quarter valued at approximately $62,000. Caitong International Asset Management Co. Ltd purchased a new stake in Eldorado Gold in the fourth quarter valued at approximately $98,000. Sanctuary Advisors LLC acquired a new position in Eldorado Gold during the second quarter worth $249,000. Eurizon Capital SGR S.p.A. acquired a new position in Eldorado Gold during the fourth quarter worth $253,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Eldorado Gold by 8.7% during the first quarter. EverSource Wealth Advisors LLC now owns 10,216 shares of the basic materials company's stock worth $351,000 after buying an additional 819 shares during the period. Institutional investors and hedge funds own 69.58% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EGO. Stifel Nicolaus upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, July 31st. Jefferies Financial Group initiated coverage on Eldorado Gold in a report on Thursday, August 20th. They set a "buy" rating and a $50.00 target price for the company. Canadian Imperial Bank of Commerce raised Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. Weiss Ratings upgraded shares of Eldorado Gold from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Finally, Zacks Research raised shares of Eldorado Gold from a "strong sell" rating to a "hold" rating in a research report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Eldorado Gold currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.57.

Eldorado Gold Stock Down 1.7%

Shares of NYSE EGO opened at $42.13 on Friday. The stock has a market cap of $11.02 billion, a P/E ratio of 14.94, a PEG ratio of 0.34 and a beta of 0.71. The company has a current ratio of 1.31, a quick ratio of 0.85 and a debt-to-equity ratio of 0.22. Eldorado Gold Corporation has a 12-month low of $24.44 and a 12-month high of $51.16. The business's fifty day simple moving average is $39.43 and its 200-day simple moving average is $35.26.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%.The company had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. As a group, equities analysts predict that Eldorado Gold Corporation will post 3.16 EPS for the current fiscal year.

Eldorado Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.0750 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.7%. Eldorado Gold's dividend payout ratio is currently 10.64%.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Vancouver-based mid-tier gold producer focused on the exploration, development and operation of precious-metals mining assets. The company primarily produces gold, with some operations also generating silver, lead and zinc concentrates.

Eldorado Gold operates the Lamaque gold mine in Quebec, Canada; the Kisladag and Efemcukuru gold mines in Türkiye; and the Olympias polymetallic mine in northern Greece. The company is also advancing the Skouries project in Greece, a copper-gold development that is expected to expand its production profile.

Founded in 1996, Eldorado has built an international portfolio through acquisitions, exploration and mine development.

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