Donald Smith & CO. Inc. Buys New Holdings in Eldorado Gold Corporation $EGO

Key Points

• Donald Smith & Co. acquired 8.77 million Eldorado Gold shares worth approximately $272.6 million, making the miner its second-largest portfolio holding and representing about 3.36% of the company.
• Several other institutions also increased or initiated positions, while institutional investors and hedge funds collectively own 69.58% of Eldorado Gold.
• Eldorado Gold reported quarterly EPS of $0.54, slightly above estimates, and declared a $0.075 quarterly dividend. Despite the stock’s recent 7.5% rise, analysts maintain a consensus “Hold” rating with an average price target of $43.

Donald Smith & CO. Inc. bought a new position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,767,454 shares of the basic materials company's stock, valued at approximately $272,580,000. Eldorado Gold accounts for 4.8% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 2nd biggest holding. Donald Smith & CO. Inc. owned approximately 3.36% of Eldorado Gold at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Eldorado Gold in the 2nd quarter valued at $587,469,000. L1 Capital Pty Ltd lifted its holdings in shares of Eldorado Gold by 35.2% during the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company's stock worth $346,283,000 after acquiring an additional 2,512,168 shares during the period. Mackenzie Financial Corp boosted its position in shares of Eldorado Gold by 904.1% during the 4th quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company's stock valued at $65,322,000 after acquiring an additional 1,631,373 shares in the last quarter. Millennium Management LLC boosted its position in shares of Eldorado Gold by 490.6% during the 4th quarter. Millennium Management LLC now owns 1,787,062 shares of the basic materials company's stock valued at $64,193,000 after acquiring an additional 1,484,503 shares in the last quarter. Finally, Deutsche Bank AG bought a new stake in Eldorado Gold in the second quarter valued at about $44,892,000. Institutional investors and hedge funds own 69.58% of the company's stock.

Eldorado Gold Trading Up 7.5%

Shares of EGO stock opened at $45.83 on Friday. Eldorado Gold Corporation has a 12-month low of $22.66 and a 12-month high of $51.16. The company has a market capitalization of $11.98 billion, a P/E ratio of 16.25, a P/E/G ratio of 0.31 and a beta of 0.63. The firm has a 50-day moving average price of $33.56 and a 200 day moving average price of $35.25. The company has a quick ratio of 0.85, a current ratio of 1.31 and a debt-to-equity ratio of 0.22.

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, topping the consensus estimate 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%. Research analysts forecast that Eldorado Gold Corporation will post 3.2 earnings per share 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. Investors of record on Tuesday, September 1st will be given 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 yield of 0.7%. Eldorado Gold's dividend payout ratio is 10.64%.

Analysts Set New Price Targets

A number of research analysts have commented on EGO shares. Citigroup cut shares of Eldorado Gold to a "sector perform" rating in a research note on Monday, May 4th. Scotiabank lowered their price objective on Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Zacks Research cut Eldorado Gold from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. ATB Cormark Capital Markets downgraded Eldorado Gold from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Royal Bank Of Canada decreased their price target on Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $43.00.

Eldorado Gold 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source