Eldorado Gold Corporation $EGO Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC reduced its Eldorado Gold position by 7.4% in the first quarter, selling 597,057 shares and ending with 7.48 million shares worth about $256.8 million.
• Eldorado Gold beat earnings expectations in its latest quarter, reporting EPS of $0.95 versus estimates of $0.69 and revenue of $532.43 million, above consensus.
• The company paid a quarterly dividend of $0.075 per share, and analysts currently rate the stock a consensus Hold with an average price target of $41.83.

Jennison Associates LLC trimmed its position in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 7.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,480,848 shares of the basic materials company's stock after selling 597,057 shares during the period. Jennison Associates LLC owned about 3.77% of Eldorado Gold worth $256,818,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in EGO. Smartleaf Asset Management LLC purchased a new position in Eldorado Gold in the fourth quarter worth approximately $33,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Eldorado Gold in the 4th quarter valued at approximately $36,000. Aventura Private Wealth LLC acquired a new stake in shares of Eldorado Gold in the 4th quarter valued at $36,000. Wexford Capital LP acquired a new stake in shares of Eldorado Gold in the 3rd quarter valued at $37,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Eldorado Gold during the 2nd quarter worth $32,000. Institutional investors and hedge funds own 69.58% of the company's stock.

Eldorado Gold Stock Down 0.3%

Shares of NYSE:EGO opened at $27.94 on Friday. The company has a market capitalization of $7.30 billion, a PE ratio of 9.94, a P/E/G ratio of 0.16 and a beta of 0.62. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. Eldorado Gold Corporation has a twelve month low of $19.70 and a twelve month high of $51.16. The firm has a 50 day simple moving average of $31.65 and a 200-day simple moving average of $36.19.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last posted its earnings results on Thursday, April 30th. The basic materials company reported $0.95 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $503.31 million. On average, equities analysts predict that Eldorado Gold Corporation will post 3.87 EPS for the current fiscal year.

Eldorado Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.30 annualized dividend and a dividend yield of 1.1%. Eldorado Gold's dividend payout ratio (DPR) is presently 10.68%.

Analysts Set New Price Targets

A number of equities analysts recently commented on EGO shares. National Bank Financial upgraded shares of Eldorado Gold to a "strong-buy" rating in a research note on Wednesday, April 15th. BMO Capital Markets restated an "outperform" rating on shares of Eldorado Gold in a research note on Wednesday, April 15th. Weiss Ratings downgraded Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 11th. TD Securities lowered their price objective on Eldorado Gold from $45.00 to $40.00 and set a "hold" rating for the company in a research report on Tuesday, April 14th. Finally, Royal Bank Of Canada lowered their price objective on Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Eldorado Gold presently has an average rating of "Hold" and an average price target of $41.83.

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.

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