Cibc World Market Inc. Invests $9.37 Million in Eldorado Gold Corporation $EGO

Key Points

• CIBC World Market initiated a $9.37 million position in Eldorado Gold, purchasing 301,289 shares, while institutional investors collectively own 69.58% of the company.
• Eldorado Gold reported quarterly earnings of $0.54 per share, beating estimates by $0.02, though revenue of $487.5 million fell short of the $529.92 million consensus forecast.
• The stock traded at $46.39, up 1.5%, and analysts held a consensus “Hold” rating with a $43.00 target price; the company also declared a quarterly dividend of $0.075 per share.

Cibc World Market Inc. bought a new position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 301,289 shares of the basic materials company's stock, valued at approximately $9,369,000. Cibc World Market Inc. owned approximately 0.12% of Eldorado Gold at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Eldorado Gold during the 2nd quarter valued at approximately $587,469,000. L1 Capital Pty Ltd raised its stake in 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 valued at $346,283,000 after purchasing an additional 2,512,168 shares in the last quarter. Donald Smith & CO. Inc. purchased a new stake in Eldorado Gold during the second quarter valued at $272,580,000. Arrowstreet Capital Limited Partnership lifted its position in Eldorado Gold by 2.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company's stock valued at $199,274,000 after purchasing an additional 132,170 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Eldorado Gold by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,113,413 shares of the basic materials company's stock worth $175,522,000 after buying an additional 54,964 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company's stock.

Eldorado Gold Trading Up 1.5%

NYSE EGO opened at $46.39 on Tuesday. The company has a market capitalization of $12.12 billion, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 0.34 and a beta of 0.63. Eldorado Gold Corporation has a one year low of $23.33 and a one year high of $51.16. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. The company's 50-day simple moving average is $33.82 and its two-hundred day simple moving average is $35.27.

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 analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. Equities analysts forecast that Eldorado Gold Corporation will post 3.23 EPS for the current fiscal year.

Eldorado Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.6%. Eldorado Gold's dividend payout ratio is presently 10.64%.

Wall Street Analysts Forecast Growth

EGO has been the subject of a number of analyst reports. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, July 31st. Citigroup downgraded Eldorado Gold to a "sector perform" rating in a research report on Monday, May 4th. Canadian Imperial Bank of Commerce upgraded Eldorado Gold from a "neutral" rating to an "outperform" rating in a report on Sunday, August 9th. Jefferies Financial Group initiated coverage on Eldorado Gold in a research report on Thursday. They set a "buy" rating and a $50.00 target price on the stock. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Eldorado Gold currently has a consensus rating of "Hold" and a consensus target price of $43.00.

About Eldorado Gold

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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