Amundi Sells 613,771 Shares of Eldorado Gold Corporation $EGO

Key Points

• Amundi cut its Eldorado Gold stake by 58.9% in the second quarter, selling 613,771 shares and retaining 428,128 shares worth approximately $13.31 million. Institutional investors collectively own 69.58% of the company.
• Other institutions were more bullish: VanECK increased its position by 39.0%, while Caisse de dépôt, PSquared Asset Management and others established or expanded stakes in Eldorado Gold.
• Eldorado Gold reported quarterly EPS of $0.54, beating estimates by $0.02, and declared a quarterly dividend of $0.075 per share. Analyst sentiment is mixed, with a consensus “Hold” rating and a $43 price target.

Amundi trimmed its position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 58.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 428,128 shares of the basic materials company's stock after selling 613,771 shares during the quarter. Amundi owned about 0.16% of Eldorado Gold worth $13,310,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EGO. Caisse de depot et placement du Quebec purchased a new stake in shares of Eldorado Gold during the 2nd quarter worth approximately $7,356,000. Van ECK Associates Corp boosted its position in shares of Eldorado Gold by 39.0% during the 2nd quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company's stock valued at $580,739,000 after acquiring an additional 5,241,277 shares during the last quarter. PSquared Asset Management AG purchased a new position in shares of Eldorado Gold in the second quarter valued at $12,756,000. Jupiter Asset Management Ltd. grew its holdings in shares of 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 in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of 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 purchasing an additional 177,051 shares in the last quarter. Institutional investors own 69.58% of the company's stock.

Eldorado Gold Price Performance

Shares of Eldorado Gold stock opened at $43.71 on Friday. The firm has a market cap of $11.42 billion, a PE ratio of 15.50, a P/E/G ratio of 0.31 and a beta of 0.71. Eldorado Gold Corporation has a twelve month low of $24.44 and a twelve month high of $51.16. The company has a quick ratio of 0.85, a current ratio of 1.31 and a debt-to-equity ratio of 0.22. The business has a 50-day moving average price of $37.27 and a 200 day moving average price of $35.40.

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

Eldorado Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.075 per share. The ex-dividend date is 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 (DPR) is currently 10.64%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, July 31st. Royal Bank Of Canada decreased their price objective on shares of Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating for the company in a report on Thursday, July 9th. Jefferies Financial Group started coverage on shares of Eldorado Gold in a research report on Thursday, August 20th. They issued a "buy" rating and a $50.00 price objective for the company. Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a report on Sunday, August 9th. Finally, Weiss Ratings upgraded shares of Eldorado Gold from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $43.00.

About Eldorado Gold

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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