Gabelli Funds LLC Decreases Position in Eldorado Gold Corporation $EGO

Key Points

• Gabelli Funds LLC reduced its holdings in Eldorado Gold Corporation by 3.1%, selling 50,000 shares, bringing its ownership to 1,554,200 shares valued at approximately $26.14 million.
• Several hedge funds increased their stakes in Eldorado Gold, with Continuum Advisory LLC leading with a 335.3% increase during the first quarter.
• Eldorado Gold's earnings report highlighted a miss in EPS at $0.44, below the consensus estimate of $0.51, alongside strong revenue of $459.53 million for the quarter.

Gabelli Funds LLC lessened its position in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 3.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,554,200 shares of the basic materials company's stock after selling 50,000 shares during the period. Gabelli Funds LLC owned about 0.76% of Eldorado Gold worth $26,142,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Donald Smith & CO. Inc. raised its position in Eldorado Gold by 3.2% during the first quarter. Donald Smith & CO. Inc. now owns 12,492,756 shares of the basic materials company's stock valued at $210,128,000 after purchasing an additional 391,776 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Eldorado Gold by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 8,029,969 shares of the basic materials company's stock valued at $134,984,000 after purchasing an additional 148,567 shares during the period. Jennison Associates LLC lifted its stake in shares of Eldorado Gold by 2.2% in the 1st quarter. Jennison Associates LLC now owns 7,245,804 shares of the basic materials company's stock valued at $121,874,000 after purchasing an additional 155,619 shares during the period. Carrhae Capital LLP lifted its stake in shares of Eldorado Gold by 10.7% in the 1st quarter. Carrhae Capital LLP now owns 6,689,304 shares of the basic materials company's stock valued at $112,514,000 after purchasing an additional 648,574 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Eldorado Gold by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,971,617 shares of the basic materials company's stock worth $73,927,000 after purchasing an additional 74,389 shares in the last quarter. Institutional investors own 69.58% of the company's stock.

Eldorado Gold Stock Performance

Shares of Eldorado Gold stock traded up $0.75 during mid-day trading on Friday, hitting $24.82. 1,327,886 shares of the stock were exchanged, compared to its average volume of 1,566,041. Eldorado Gold Corporation has a 12 month low of $13.29 and a 12 month high of $25.00. The company has a 50-day simple moving average of $21.52 and a 200 day simple moving average of $19.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.65 and a current ratio of 3.23. The company has a market capitalization of $5.04 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.39 and a beta of 0.37.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last posted its earnings results on Thursday, July 31st. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07). Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%.The firm had revenue of $459.53 million for the quarter, compared to the consensus estimate of $401.85 million. Sell-side analysts anticipate that Eldorado Gold Corporation will post 1.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EGO shares. Canaccord Genuity Group cut their price objective on shares of Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. National Bankshares reaffirmed an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. Scotiabank reaffirmed a "sector perform" rating on shares of Eldorado Gold in a research report on Monday, August 11th. Wall Street Zen cut shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, CIBC reaffirmed an "outperform" rating on shares of Eldorado Gold in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.60.

Eldorado Gold Company Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.