PSquared Asset Management AG Makes New Investment in Eldorado Gold Corporation $EGO

Key Points

• PSquared Asset Management AG acquired 409,853 Eldorado Gold shares worth approximately $12.8 million, making the stock 4.2% of its portfolio and its 10th-largest position.
• Analyst sentiment is mixed: Eldorado Gold has a consensus rating of “Hold” with a $43 target price, despite upgrades from CIBC and Stifel Nicolaus and downgrades or target cuts from other firms.
• Eldorado Gold reported quarterly earnings of $0.54 per share, exceeding estimates, and declared a quarterly dividend of $0.075 per share, equivalent to a 0.6% annualized yield.

PSquared Asset Management AG purchased 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 disclosure with the SEC. The institutional investor purchased 409,853 shares of the basic materials company's stock, valued at approximately $12,756,000. Eldorado Gold comprises about 4.2% of PSquared Asset Management AG's portfolio, making the stock its 10th biggest position. PSquared Asset Management AG owned 0.16% of Eldorado Gold at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Headlands Technologies LLC bought a new stake in shares of Eldorado Gold in the second quarter worth $32,000. Smartleaf Asset Management LLC bought a new position in Eldorado Gold in the fourth quarter valued at $33,000. Wexford Capital LP bought a new position in Eldorado Gold in the third quarter valued at $37,000. State of Wyoming acquired a new stake in Eldorado Gold in the 2nd quarter valued at $58,000. Finally, EFG International AG acquired a new stake in Eldorado Gold in the 2nd quarter valued at $62,000. 69.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on EGO shares. Weiss Ratings downgraded shares of Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, June 11th. Royal Bank Of Canada lowered their target price on Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 9th. Scotiabank dropped their target price on Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. Canadian Imperial Bank of Commerce raised Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. Finally, Stifel Nicolaus upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Eldorado Gold has an average rating of "Hold" and a consensus target price of $43.00.

Eldorado Gold Stock Up 2.4%

Shares of NYSE EGO opened at $48.08 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. Eldorado Gold Corporation has a 52 week low of $23.81 and a 52 week high of $51.16. The stock has a market capitalization of $12.56 billion, a P/E ratio of 17.05, a PEG ratio of 0.34 and a beta of 0.63. The stock's fifty day moving average is $34.64 and its 200 day moving average is $35.46.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $487.50 million during the quarter, compared to analysts' expectations of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. Sell-side 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 declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. 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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