Wellington Management Group LLP Takes Position in Eldorado Gold Corporation $EGO

Key Points

• Wellington Management acquired 1.97 million Eldorado Gold shares worth approximately $61.2 million, giving it a 0.75% stake. Institutional investors collectively own 69.58% of the company.
• Eldorado Gold reported quarterly EPS of $0.54, beating estimates of $0.52, while revenue of $487.5 million fell short of the $529.9 million consensus forecast.
• The company declared a quarterly dividend of $0.075, equivalent to $0.30 annually and a 0.7% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $43 price target.

Wellington Management Group LLP purchased a new stake in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,965,672 shares of the basic materials company's stock, valued at approximately $61,156,000. Wellington Management Group LLP owned 0.75% of Eldorado Gold as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of EGO. Headlands Technologies LLC bought a new stake in Eldorado Gold during the 2nd quarter valued at $32,000. Smartleaf Asset Management LLC bought a new position in shares of Eldorado Gold during the 4th quarter worth $33,000. Wexford Capital LP bought a new position in shares of Eldorado Gold during the 3rd quarter worth $37,000. State of Wyoming purchased a new position in shares of Eldorado Gold during the second quarter valued at $58,000. Finally, EFG International AG bought a new stake in shares of Eldorado Gold in the second quarter valued at about $62,000. Institutional investors own 69.58% of the company's stock.

Eldorado Gold Stock Up 0.6%

NYSE:EGO opened at $43.10 on Thursday. Eldorado Gold Corporation has a fifty-two week low of $24.44 and a fifty-two week high of $51.16. The stock has a market capitalization of $11.26 billion, a P/E ratio of 15.28, a P/E/G ratio of 0.31 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. The company's 50-day simple moving average is $35.63 and its 200-day simple moving average is $35.46.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. On average, equities analysts anticipate 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. Shareholders of record on Tuesday, September 1st will be issued a $0.075 dividend. 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 payout ratio is currently 10.64%.

Analyst Ratings Changes

EGO has been the subject of a number of research reports. Bank of America upped their price objective 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. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group began coverage on shares of Eldorado Gold in a report on Thursday, August 20th. They issued a "buy" rating and a $50.00 price target for the company. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a research report on Sunday, August 9th. Finally, Scotiabank dropped their price objective on shares of Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $43.00.

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.