Van ECK Associates Corp Grows Stock Holdings in Eldorado Gold Corporation $EGO

Van ECK Associates Corp lifted its holdings in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD by 39.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,678,256 shares of the basic materials company's stock after acquiring an additional 5,241,277 shares during the period. Van ECK Associates Corp owned approximately 7.15% of Eldorado Gold worth $580,739,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Navellier & Associates Inc. boosted its position in Eldorado Gold by 4.2% during the 2nd quarter. Navellier & Associates Inc. now owns 77,214 shares of the basic materials company's stock worth $2,401,000 after purchasing an additional 3,136 shares during the period. Wellington Management Group LLP purchased a new position in Eldorado Gold in the second quarter valued at about $61,156,000. Empowered Funds LLC purchased a new position in Eldorado Gold in the second quarter valued at about $34,408,000. PSquared Asset Management AG acquired a new position in shares of Eldorado Gold during the second quarter worth about $12,756,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Eldorado Gold during the second quarter worth about $3,064,000. Hedge funds and other institutional investors own 69.58% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Zacks Research lowered Eldorado Gold from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Scotiabank reduced their price target on Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Citigroup cut Eldorado Gold to a "sector perform" rating in a report on Monday, May 4th. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Friday, July 31st. Finally, Bank of America boosted their target price on shares of Eldorado Gold from $31.00 to $33.00 and gave the stock an "underperform" rating in a research report 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 given a Sell rating to the stock. According to data from MarketBeat, Eldorado Gold presently has an average rating of "Hold" and a consensus price target of $43.00.

Eldorado Gold Price Performance

Shares of NYSE EGO opened at $45.48 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.31 and a debt-to-equity ratio of 0.22. Eldorado Gold Corporation has a fifty-two week low of $23.95 and a fifty-two week high of $51.16. The business has a 50 day moving average price of $34.89 and a two-hundred day moving average price of $35.53. The firm has a market cap of $11.88 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 0.35 and a beta of 0.63.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $487.50 million for the quarter, compared to analyst estimates of $529.92 million. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. Sell-side analysts expect that Eldorado Gold Corporation will post 3.23 earnings per share for the current fiscal year.

Eldorado Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Eldorado Gold's dividend payout ratio (DPR) is currently 10.64%.

About Eldorado Gold

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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