Connor Clark & Lunn Investment Management Ltd. Sells 33,804 Shares of Eldorado Gold Corporation (NYSE:EGO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in Eldorado Gold Corporation by 3.5%, owning approximately 928,596 shares valued at $15,612,000 after selling 33,804 shares in the first quarter.
• Several large investors have recently increased their stakes in Eldorado Gold, with Continuum Advisory LLC increasing its holdings by 335.3% during the same period.
• Wall Street analysts have mixed views on Eldorado Gold's stock, with a consensus rating of "Moderate Buy" and a target price of $23.60, although recent performance has shown earnings miss expectations.

Connor Clark & Lunn Investment Management Ltd. decreased its position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 928,596 shares of the basic materials company's stock after selling 33,804 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.45% of Eldorado Gold worth $15,612,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in EGO. D.A. Davidson & CO. purchased a new stake in Eldorado Gold during the first quarter valued at about $374,000. Allspring Global Investments Holdings LLC lifted its holdings in Eldorado Gold by 11.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 252,300 shares of the basic materials company's stock valued at $4,242,000 after purchasing an additional 25,000 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its holdings in Eldorado Gold by 43.5% during the first quarter. ANTIPODES PARTNERS Ltd now owns 3,802,895 shares of the basic materials company's stock valued at $63,970,000 after purchasing an additional 1,152,909 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Eldorado Gold by 4.7% during the fourth quarter. Alliancebernstein L.P. now owns 33,360 shares of the basic materials company's stock valued at $496,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Cerity Partners LLC purchased a new stake in Eldorado Gold during the fourth quarter valued at about $287,000. Institutional investors own 69.58% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on EGO shares. CIBC reissued an "outperform" rating on shares of Eldorado Gold in a report on Tuesday, July 15th. Canaccord Genuity Group decreased 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. Wall Street Zen cut shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Eldorado Gold in a research report on Monday. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.60.

Eldorado Gold Stock Down 0.8%

Shares of EGO stock traded down $0.18 during mid-day trading on Thursday, reaching $22.46. 1,299,478 shares of the company's stock traded hands, compared to its average volume of 1,958,286. Eldorado Gold Corporation has a 12 month low of $13.29 and a 12 month high of $23.58. The company has a market cap of $4.56 billion, a P/E ratio of 11.28, a P/E/G ratio of 0.36 and a beta of 0.37. The company has a quick ratio of 2.65, a current ratio of 3.23 and a debt-to-equity ratio of 0.28. The company's 50-day moving average price is $20.98 and its 200-day moving average price is $18.33.

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

Eldorado Gold 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.