Empowered Funds LLC Cuts Stock Holdings in Eldorado Gold Corporation $EGO

Key Points

• Empowered Funds LLC cut its Eldorado Gold position by 93.3% in the first quarter, selling 90,901 shares and retaining 6,523 shares valued at approximately $224,000.
• Institutional ownership remains significant at 69.58%, with several investors—including Cape Ann Asset Management, Dimensional Fund Advisors and Allspring Global Investments—building or initiating positions.
• Eldorado Gold beat quarterly earnings expectations with $0.54 in EPS versus a $0.52 estimate, but missed revenue forecasts; analysts maintain a consensus “Hold” rating with an average price target of $41.83.

Empowered Funds LLC reduced its position in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 93.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,523 shares of the basic materials company's stock after selling 90,901 shares during the period. Empowered Funds LLC's holdings in Eldorado Gold were worth $224,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cape Ann Asset Management Ltd bought a new stake in shares of Eldorado Gold in the 1st quarter worth $26,045,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Eldorado Gold in the 1st quarter worth about $1,848,000. First Trust Advisors LP raised its position in Eldorado Gold by 25.8% in the 1st quarter. First Trust Advisors LP now owns 144,109 shares of the basic materials company's stock worth $4,949,000 after buying an additional 29,592 shares during the last quarter. Dimensional Fund Advisors LP raised its position in 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Eldorado Gold by 14.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 896,300 shares of the basic materials company's stock valued at $30,785,000 after acquiring an additional 110,000 shares during the period. 69.58% of the stock is owned by institutional investors.

Eldorado Gold Trading Down 3.1%

Eldorado Gold stock opened at $38.46 on Friday. Eldorado Gold Corporation has a 12-month low of $21.84 and a 12-month high of $51.16. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 0.29 and a beta of 0.63. The firm has a 50 day moving average of $32.12 and a 200 day moving average of $35.42. The company has a current ratio of 1.31, a quick ratio of 0.85 and a debt-to-equity ratio of 0.22.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. As a group, research analysts predict that Eldorado Gold Corporation will post 3.2 earnings per share for the current year.

Eldorado Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.30 annualized dividend and a yield of 0.8%. Eldorado Gold's dividend payout ratio is currently 10.64%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on EGO shares. Zacks Research cut shares of Eldorado Gold from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Royal Bank Of Canada dropped their target price on shares of Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating on the stock in a report on Thursday, July 9th. Bank of America boosted their target price on shares of Eldorado Gold from $31.00 to $33.00 and gave the company an "underperform" rating in a research note on Thursday, July 9th. Citigroup cut Eldorado Gold to a "sector perform" rating in a report on Monday, May 4th. Finally, Stifel Nicolaus upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Eldorado Gold currently has a consensus rating of "Hold" and an average target price 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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