Legal & General Group Plc Acquires Shares of 593,871 Eldorado Gold Corporation $EGO

Key Points

• Legal & General Group Plc acquired 593,871 Eldorado Gold shares worth approximately $18.5 million, representing about 0.23% of the company. Institutional investors collectively own 69.58% of Eldorado Gold.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $43.00. Recent recommendations included upgrades from Stifel and CIBC, alongside downgrades from ATB Cormark and Citigroup.
• Eldorado Gold reported quarterly earnings of $0.54 per share, slightly exceeding estimates, while revenue of $487.5 million fell short of expectations. The company also announced a quarterly dividend of $0.075 per share, equivalent to a 0.7% annualized yield.

Legal & General Group Plc acquired a new position in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 593,871 shares of the basic materials company's stock, valued at approximately $18,476,000. Legal & General Group Plc owned about 0.23% of Eldorado Gold as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Eldorado Gold during the second quarter worth about $587,469,000. L1 Capital Pty Ltd boosted its holdings in Eldorado Gold by 35.2% in the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company's stock valued at $346,283,000 after purchasing an additional 2,512,168 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in Eldorado Gold during the 2nd quarter worth approximately $272,580,000. Arrowstreet Capital Limited Partnership increased its position in Eldorado Gold by 2.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company's stock worth $199,274,000 after purchasing an additional 132,170 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Eldorado Gold by 1.1% during 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 in the last quarter. Institutional investors and hedge funds own 69.58% of the company's stock.

Wall Street Analyst Weigh In

EGO has been the topic of a number of analyst reports. ATB Cormark Capital Markets downgraded Eldorado Gold from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 4th. Stifel Nicolaus upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Friday, July 31st. Citigroup downgraded Eldorado Gold to a "sector perform" rating in a report on Monday, May 4th. Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. Finally, Bank of America upped their price target on shares of Eldorado Gold from $31.00 to $33.00 and gave the stock an "underperform" rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $43.00.

Eldorado Gold Price Performance

Shares of NYSE:EGO opened at $45.48 on Monday. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 0.33 and a beta of 0.63. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85. The business's 50 day simple moving average is $34.89 and its 200-day simple moving average is $35.49. Eldorado Gold Corporation has a 12 month low of $23.95 and a 12 month high of $51.16.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its quarterly earnings data 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 firm had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. As a group, equities analysts forecast that Eldorado Gold Corporation will post 3.23 earnings per share for the current fiscal year.

Eldorado Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 0.7%. Eldorado Gold's dividend payout ratio is 10.64%.

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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