64,248 Shares in Eldorado Gold Corporation $EGO Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 64,248 Eldorado Gold shares worth approximately $2.0 million, while institutional investors collectively own 69.58% of the company.
• Eldorado Gold reported quarterly EPS of $0.54, exceeding estimates of $0.52, though revenue of $487.5 million fell short of the $529.9 million consensus forecast.
• The company declared a quarterly dividend of $0.075 per share, equivalent to an annualized $0.30 and a 0.7% yield. Analyst sentiment remains mixed, with a consensus rating of “Hold” and a $43.00 target price.

Bank of New York Mellon Corp purchased a new stake in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 64,248 shares of the basic materials company's stock, valued at approximately $1,997,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Jupiter Asset Management Ltd. boosted its holdings in Eldorado Gold by 794.9% in the fourth quarter. Jupiter Asset Management Ltd. now owns 109,342 shares of the basic materials company's stock valued at $3,935,000 after purchasing an additional 97,124 shares during the last quarter. Bank of America Corp DE raised its holdings in Eldorado Gold by 29.4% in the first quarter. Bank of America Corp DE now owns 779,666 shares of the basic materials company's stock valued at $26,766,000 after acquiring an additional 177,051 shares in the last quarter. L1 Global Manager Pty Ltd acquired a new stake in Eldorado Gold in the fourth quarter valued at $1,437,000. Allspring Global Investments Holdings LLC boosted its stake in Eldorado Gold by 14.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 896,300 shares of the basic materials company's stock valued at $30,785,000 after acquiring an additional 110,000 shares during the last quarter. Finally, L1 Capital Pty Ltd lifted its position in shares of Eldorado Gold by 35.2% during the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company's stock worth $346,283,000 after purchasing an additional 2,512,168 shares during the last quarter. Hedge funds and other institutional investors own 69.58% of the company's stock.

Eldorado Gold Stock Performance

EGO stock opened at $43.89 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. Eldorado Gold Corporation has a 1 year low of $24.44 and a 1 year high of $51.16. The stock's fifty day moving average is $36.63 and its two-hundred day moving average is $35.36. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 0.32 and a beta of 0.71.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. The firm had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. On average, research analysts predict that Eldorado Gold Corporation will post 3.23 EPS for the current year.

Eldorado Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Eldorado Gold's payout ratio is 10.64%.

Analyst Ratings Changes

Several analysts have issued reports on EGO shares. Jefferies Financial Group assumed coverage on Eldorado Gold in a research note on Thursday, August 20th. They set a "buy" rating and a $50.00 price objective on the stock. Bank of America boosted their target price on shares of Eldorado Gold from $31.00 to $33.00 and gave the company an "underperform" rating in a research note on Thursday, July 9th. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a report on Sunday, August 9th. Scotiabank reduced their price target on shares of Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Finally, Weiss Ratings lowered shares of Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $43.00.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company's core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.

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