Bank of America Corp DE Acquires 177,051 Shares of Eldorado Gold Corporation $EGO

Key Points

• Bank of America increased its Eldorado Gold stake by 29.4% in the first quarter, acquiring 177,051 additional shares and bringing its holdings to 779,666 shares valued at approximately $26.8 million.
• Analyst sentiment is mixed: Eldorado Gold has an overall “Hold” consensus rating with a target price of $41.83, while recent actions included upgrades from Stifel Nicolaus and CIBC and downgrades from Citigroup and Zacks Research.
• Eldorado Gold reported quarterly earnings of $0.54 per share, slightly above estimates, on revenue of $487.5 million. The company also announced a quarterly dividend of $0.075 per share, equivalent to a 0.8% annual yield.

Bank of America Corp DE grew its holdings in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 29.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 779,666 shares of the basic materials company's stock after buying an additional 177,051 shares during the quarter. Bank of America Corp DE owned 0.30% of Eldorado Gold worth $26,766,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGO. Headlands Technologies LLC acquired a new position in Eldorado Gold in the second quarter worth about $32,000. Smartleaf Asset Management LLC acquired a new stake in Eldorado Gold during the fourth quarter valued at approximately $33,000. Wexford Capital LP bought a new stake in shares of Eldorado Gold in the 3rd quarter valued at approximately $37,000. State of Wyoming acquired a new position in shares of Eldorado Gold in the 2nd quarter worth approximately $58,000. Finally, EFG International AG acquired a new position in shares of Eldorado Gold in the 4th quarter worth approximately $72,000. 69.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EGO. Citigroup lowered Eldorado Gold to a "sector perform" rating in a research note on Monday, May 4th. Bank of America lifted their price objective on Eldorado Gold from $31.00 to $33.00 and gave the company an "underperform" rating in a report on Thursday, July 9th. Stifel Nicolaus upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, July 31st. Zacks Research lowered shares of Eldorado Gold from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Eldorado Gold currently has an average rating of "Hold" and a consensus target price of $41.83.

Eldorado Gold Stock Down 0.1%

Shares of NYSE EGO opened at $39.69 on Monday. Eldorado Gold Corporation has a 12-month low of $21.84 and a 12-month high of $51.16. The firm's 50-day simple moving average is $32.33 and its 200 day simple moving average is $35.36. 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 company has a market cap of $10.37 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 0.29 and a beta of 0.63.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. The company had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. On average, research analysts expect that Eldorado Gold Corporation will post 3.2 earnings per share for the current fiscal year.

Eldorado Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, September 1st. Eldorado Gold's payout ratio is 10.64%.

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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