Van ECK Associates Corp Boosts Stock Position in Eldorado Gold Corporation $EGO

Key Points

• VanECK Associates raised its stake in Eldorado Gold by 33.9% in Q3 to 16,499,858 shares, representing about 8.20% of the company and valued at ~$476.7 million.
• Wall Street sentiment is mixed with a consensus rating of Hold and a consensus price target of $43.71; analyst coverage ranges from 1 Strong Buy and 3 Buys to 5 Holds and 1 Sell, with several firms trimming price targets recently.
• Eldorado has a market cap of ~$8.05 billion and a P/E of 16.35; it reported Q results of $0.63 EPS (vs. $0.64 est.) and $575.1M revenue, and declared a quarterly dividend of $0.075 per share (annualized yield ~0.7%).

Van ECK Associates Corp raised its position in shares of Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 33.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,499,858 shares of the basic materials company's stock after buying an additional 4,173,963 shares during the quarter. Van ECK Associates Corp owned about 8.20% of Eldorado Gold worth $476,679,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of EGO. Headlands Technologies LLC purchased a new position in shares of Eldorado Gold in the 2nd quarter worth approximately $32,000. TD Waterhouse Canada Inc. lifted its position in Eldorado Gold by 35.4% during the second quarter. TD Waterhouse Canada Inc. now owns 2,247 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 587 shares during the last quarter. State of Wyoming acquired a new stake in Eldorado Gold in the second quarter valued at approximately $58,000. Employees Retirement System of Texas purchased a new position in Eldorado Gold in the second quarter worth $83,000. Finally, SBI Securities Co. Ltd. grew its holdings in Eldorado Gold by 7.6% in the second quarter. SBI Securities Co. Ltd. now owns 9,693 shares of the basic materials company's stock worth $197,000 after purchasing an additional 687 shares during the last quarter. 69.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EGO has been the subject of a number of recent analyst reports. TD Securities lowered their price objective on Eldorado Gold from $47.00 to $45.00 and set a "hold" rating for the company in a research report on Tuesday, February 24th. Royal Bank Of Canada lowered Eldorado Gold from an "outperform" rating to a "sector perform" rating and set a $48.00 price target on the stock. in a research note on Tuesday, February 17th. Zacks Research upgraded shares of Eldorado Gold from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. TD Cowen cut their price target on shares of Eldorado Gold from $47.00 to $45.00 and set a "hold" rating on the stock in a research note on Tuesday, February 24th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Eldorado Gold in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Eldorado Gold presently has a consensus rating of "Hold" and a consensus price target of $43.71.

Eldorado Gold Stock Up 0.2%

Shares of EGO stock opened at $40.56 on Tuesday. The stock's 50-day simple moving average is $42.32 and its 200-day simple moving average is $33.60. 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 firm has a market capitalization of $8.05 billion, a PE ratio of 16.35, a P/E/G ratio of 0.14 and a beta of 0.51. Eldorado Gold Corporation has a fifty-two week low of $14.06 and a fifty-two week high of $51.16.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results 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 firm had revenue of $575.14 million for the quarter, compared to analyst estimates of $500.42 million. Eldorado Gold had a return on equity of 8.63% and a net margin of 27.89%. Equities analysts expect that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

Eldorado Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, February 27th. Eldorado Gold's payout ratio is presently 12.10%.

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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