Cape Ann Asset Management Ltd Takes $26.05 Million Position in Eldorado Gold Corporation $EGO

Key Points

• Cape Ann Asset Management initiated a new position in Eldorado Gold, buying 758,654 shares valued at about $26.05 million. The stake represents roughly 5.9% of its portfolio and makes EGO its 7th-largest holding.
• Other institutional investors also increased exposure, and overall 69.58% of Eldorado Gold’s stock is held by hedge funds and other institutions. Notable buyers included Goldman Sachs, JPMorgan Chase, and Geode Capital Management.
• Analyst sentiment remains mixed-to-neutral: the stock’s consensus rating is Hold with an average target price of $41.83. Eldorado Gold recently beat earnings expectations, reporting $0.95 EPS versus the expected $0.69 and revenue above estimates.

Cape Ann Asset Management Ltd bought a new stake in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 758,654 shares of the basic materials company's stock, valued at approximately $26,045,000. Eldorado Gold makes up about 5.9% of Cape Ann Asset Management Ltd's investment portfolio, making the stock its 7th biggest position. Cape Ann Asset Management Ltd owned about 0.38% of Eldorado Gold as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of EGO. Goldman Sachs Group Inc. grew its stake in shares of Eldorado Gold by 50.0% in the first quarter. Goldman Sachs Group Inc. now owns 798,205 shares of the basic materials company's stock worth $13,426,000 after purchasing an additional 266,048 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Eldorado Gold by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 113,368 shares of the basic materials company's stock worth $2,318,000 after acquiring an additional 6,383 shares during the period. JPMorgan Chase & Co. raised its position in shares of Eldorado Gold by 1,209.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 339,370 shares of the basic materials company's stock worth $6,903,000 after acquiring an additional 313,449 shares in the last quarter. Jump Financial LLC bought a new position in Eldorado Gold in the second quarter worth $859,000. Finally, Cerity Partners LLC raised its holdings in Eldorado Gold by 15.2% in the second quarter. Cerity Partners LLC now owns 36,039 shares of the basic materials company's stock worth $733,000 after purchasing an additional 4,758 shares in the last quarter. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Zacks Research upgraded shares of Eldorado Gold from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. TD Securities cut their price target on Eldorado Gold from $45.00 to $40.00 and set a "hold" rating on the stock in a research note on Tuesday, April 14th. Scotiabank lowered their price target on Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. Weiss Ratings cut shares of Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, June 11th. Finally, ATB Cormark Capital Markets lowered shares of Eldorado Gold from a "moderate buy" rating to a "hold" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Eldorado Gold has an average rating of "Hold" and an average target price of $41.83.

Eldorado Gold Stock Performance

EGO stock opened at $31.89 on Friday. The stock's fifty day moving average price is $31.30 and its 200-day moving average price is $36.01. The company has a market cap of $8.33 billion, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 0.22 and a beta of 0.62. Eldorado Gold Corporation has a 1 year low of $20.15 and a 1 year high of $51.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.18.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.69 by $0.26. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. The firm had revenue of $532.43 million during the quarter, compared to analyst estimates of $503.31 million. On average, equities analysts forecast that Eldorado Gold Corporation will post 3.41 earnings per share for the current year.

Eldorado Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.9%. Eldorado Gold's payout ratio is 10.68%.

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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