Jennison Associates LLC Acquires 155,619 Shares of Eldorado Gold Corporation (NYSE:EGO)

Jennison Associates LLC raised its stake in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,245,804 shares of the basic materials company's stock after acquiring an additional 155,619 shares during the quarter. Jennison Associates LLC owned approximately 3.53% of Eldorado Gold worth $121,874,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. D.A. Davidson & CO. purchased a new position in shares of Eldorado Gold in the 1st quarter valued at about $374,000. Allspring Global Investments Holdings LLC boosted its holdings in Eldorado Gold by 11.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 252,300 shares of the basic materials company's stock worth $4,242,000 after buying an additional 25,000 shares during the last quarter. Swiss National Bank boosted its holdings in Eldorado Gold by 0.6% in the 4th quarter. Swiss National Bank now owns 403,620 shares of the basic materials company's stock worth $6,000,000 after buying an additional 2,500 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Eldorado Gold by 4.7% in the 4th quarter. Alliancebernstein L.P. now owns 33,360 shares of the basic materials company's stock worth $496,000 after buying an additional 1,500 shares during the last quarter. Finally, Cerity Partners LLC acquired a new stake in Eldorado Gold in the 4th quarter worth about $287,000. Hedge funds and other institutional investors own 69.58% of the company's stock.

Eldorado Gold Trading Down 1.9%

Shares of EGO traded down $0.39 during mid-day trading on Friday, reaching $19.74. The company had a trading volume of 1,060,546 shares, compared to its average volume of 1,690,469. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 0.34 and a beta of 0.46. The firm has a fifty day simple moving average of $20.19 and a 200-day simple moving average of $17.57. Eldorado Gold Corporation has a fifty-two week low of $13.29 and a fifty-two week high of $21.79. The company has a current ratio of 3.12, a quick ratio of 2.53 and a debt-to-equity ratio of 0.23.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last posted its earnings results on Thursday, May 1st. The basic materials company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.04). Eldorado Gold had a net margin of 23.10% and a return on equity of 8.41%. The business had revenue of $341.59 million for the quarter, compared to analyst estimates of $319.83 million. On average, sell-side analysts anticipate that Eldorado Gold Corporation will post 1.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EGO. CIBC restated an "outperform" rating on shares of Eldorado Gold in a report on Tuesday. Scotiabank boosted their target price on Eldorado Gold from $16.50 to $19.00 and gave the stock a "sector perform" rating in a report on Monday, April 14th. Wall Street Zen upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, June 6th. National Bankshares reaffirmed an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday. Finally, Canaccord Genuity Group decreased their price target on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Eldorado Gold presently has a consensus rating of "Moderate Buy" and an average price target of $23.60.

About Eldorado Gold

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.