Invenomic Capital Management LP Buys 1,266,329 Shares of Eldorado Gold Corporation $EGO

Key Points

• Invenomic Capital Management LP significantly increased its holdings in Eldorado Gold Corporation by 127.2% in Q1, now owning approximately $38.05 million worth of the company’s shares.
• Several institutional investors, including D.A. Davidson & CO. and LPL Financial LLC, have also increased their stakes in Eldorado Gold during the same quarter.
• Analysts give Eldorado Gold a consensus rating of "Moderate Buy" with a price target of $23.60, although the company recently reported lower-than-expected earnings, missing estimates by $0.07.

Invenomic Capital Management LP boosted its stake in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 127.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,262,181 shares of the basic materials company's stock after purchasing an additional 1,266,329 shares during the period. Eldorado Gold comprises 1.9% of Invenomic Capital Management LP's portfolio, making the stock its 8th largest holding. Invenomic Capital Management LP owned about 1.10% of Eldorado Gold worth $38,050,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Donald Smith & CO. Inc. raised its position in Eldorado Gold by 3.2% in the first quarter. Donald Smith & CO. Inc. now owns 12,492,756 shares of the basic materials company's stock worth $210,128,000 after acquiring an additional 391,776 shares during the period. L1 Capital Pty Ltd grew its stake in Eldorado Gold by 22.7% during the first quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company's stock valued at $147,580,000 after acquiring an additional 1,621,173 shares in the last quarter. Vanguard Group Inc. grew its stake in Eldorado Gold by 1.9% during the first quarter. Vanguard Group Inc. now owns 8,029,969 shares of the basic materials company's stock valued at $134,984,000 after acquiring an additional 148,567 shares in the last quarter. Jennison Associates LLC lifted its position in Eldorado Gold by 2.2% during the first 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 last quarter. Finally, Carrhae Capital LLP grew 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 worth $112,514,000 after buying an additional 648,574 shares in the last quarter. 69.58% of the stock is currently owned by institutional investors.

Eldorado Gold Stock Down 0.4%

Shares of NYSE:EGO traded down $0.10 during trading on Tuesday, hitting $26.21. 1,150,808 shares of the company were exchanged, compared to its average volume of 1,909,508. The stock has a market capitalization of $5.33 billion, a P/E ratio of 13.17, a PEG ratio of 0.42 and a beta of 0.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.23 and a quick ratio of 2.65. Eldorado Gold Corporation has a 12-month low of $13.29 and a 12-month high of $26.75. The firm's 50 day moving average price is $22.13 and its 200-day moving average price is $19.57.

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

Wall Street Analyst Weigh In

EGO has been the subject of several analyst reports. CIBC restated an "outperform" rating on shares of Eldorado Gold in a report on Tuesday, July 15th. Scotiabank restated a "sector perform" rating on shares of Eldorado Gold in a research note on Monday, August 11th. National Bankshares reaffirmed an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, July 16th. Finally, Wall Street Zen lowered shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $23.60.

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.