Ruffer LLP Has $57.98 Million Stake in Eldorado Gold Corporation $EGO

Key Points

• Ruffer LLP increased its stake in Eldorado Gold by 14.1% in Q4, buying an additional 198,916 shares to hold 1,611,656 shares worth approximately $57.98 million, about 0.81% of the company and ~2.6% of Ruffer’s portfolio (its 9th largest position).
• Equity analysts have an average rating of Hold on EGO with an average target price of $42.00, following several recent downgrades from firms including Canaccord, TD Securities and Zacks.
• Institutional ownership is high (~69.6%) with large holders like VanEck, Vanguard and Jennison increasing positions; the stock trades around $31.86 (50‑day MA $38.77), has a market cap of $6.33B, a P/E of 12.84, and pays a modest annual dividend yield of 0.9%.

Ruffer LLP lifted its holdings in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 14.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,611,656 shares of the basic materials company's stock after acquiring an additional 198,916 shares during the period. Eldorado Gold makes up approximately 2.6% of Ruffer LLP's portfolio, making the stock its 9th biggest position. Ruffer LLP owned approximately 0.81% of Eldorado Gold worth $57,981,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Van ECK Associates Corp raised its position in shares of Eldorado Gold by 33.9% in the 3rd quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company's stock worth $476,679,000 after acquiring an additional 4,173,963 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Eldorado Gold by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 8,387,901 shares of the basic materials company's stock worth $242,226,000 after acquiring an additional 209,947 shares in the last quarter. Jennison Associates LLC raised its position in shares of Eldorado Gold by 2.3% in the 3rd quarter. Jennison Associates LLC now owns 8,173,003 shares of the basic materials company's stock worth $236,118,000 after acquiring an additional 182,780 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Eldorado Gold by 8.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,413,904 shares of the basic materials company's stock worth $156,364,000 after acquiring an additional 419,576 shares in the last quarter. Finally, Carrhae Capital LLP increased its position in Eldorado Gold by 10.6% in the 3rd quarter. Carrhae Capital LLP now owns 4,994,738 shares of the basic materials company's stock valued at $144,298,000 after buying an additional 480,253 shares in the last quarter. 69.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EGO has been the subject of a number of research analyst reports. Canaccord Genuity Group lowered Eldorado Gold from a "buy" rating to a "hold" rating in a research report on Friday, February 20th. TD Securities decreased their price objective on Eldorado Gold from $45.00 to $40.00 and set a "hold" rating for the company in a report on Tuesday, April 14th. Weiss Ratings reissued a "buy (b)" rating on shares of Eldorado Gold in a report on Monday. TD Cowen decreased their price objective on Eldorado Gold from $45.00 to $40.00 and set a "hold" rating for the company in a report on Tuesday, April 14th. Finally, Zacks Research lowered Eldorado Gold from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $42.00.

Eldorado Gold Stock Performance

Shares of EGO opened at $31.86 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.46 and a current ratio of 1.83. The stock has a 50 day moving average price of $38.77 and a two-hundred day moving average price of $35.45. The firm has a market capitalization of $6.33 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.15 and a beta of 0.66. Eldorado Gold Corporation has a 52 week low of $17.18 and a 52 week high of $51.16.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.63 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.01). The company had revenue of $575.14 million for the quarter, compared to the consensus estimate of $500.42 million. Eldorado Gold had a return on equity of 8.63% and a net margin of 27.89%. Equities analysts forecast that Eldorado Gold Corporation will post 4.63 earnings per share for the current fiscal year.

Eldorado Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, February 27th. Eldorado Gold's payout ratio is presently 12.10%.

Eldorado Gold Company 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.

Want to see what other hedge funds are holding EGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.