Van ECK Associates Corp Reduces Stake in Eldorado Gold Corporation $EGO

Van ECK Associates Corp trimmed its stake in Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) by 12.9% during the fourth quarter, Holdings Channel reports. The fund owned 14,371,585 shares of the basic materials company’s stock after selling 2,128,273 shares during the period. Van ECK Associates Corp owned approximately 0.07% of Eldorado Gold worth $516,230,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. L1 Global Manager Pty Ltd purchased a new position in Eldorado Gold in the fourth quarter valued at about $1,437,000. L1 Capital Pty Ltd boosted its stake in Eldorado Gold by 35.2% in the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock valued at $346,283,000 after acquiring an additional 2,512,168 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Eldorado Gold in the fourth quarter valued at about $3,357,000. Wells Fargo & Company MN boosted its stake in Eldorado Gold by 42.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,462 shares of the basic materials company’s stock valued at $160,000 after acquiring an additional 1,336 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its stake in Eldorado Gold by 51.3% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 31,735 shares of the basic materials company’s stock valued at $1,141,000 after acquiring an additional 10,760 shares during the last quarter. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

Eldorado Gold Stock Performance

NYSE EGO opened at $30.62 on Friday. The company’s 50 day moving average is $32.73 and its 200-day moving average is $36.51. Eldorado Gold Corporation has a 12-month low of $19.56 and a 12-month high of $51.16. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.27. The firm has a market cap of $7.99 billion, a P/E ratio of 10.90, a price-to-earnings-growth ratio of 0.17 and a beta of 0.58.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.26. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. The company had revenue of $532.43 million for the quarter, compared to analyst estimates of $503.31 million. Sell-side analysts predict that Eldorado Gold Corporation will post 4.27 earnings per share for the current year.

Eldorado Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 16th. Stockholders of record on Tuesday, June 2nd will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.30 annualized dividend and a dividend yield of 1.0%. Eldorado Gold’s payout ratio is 10.68%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup cut shares of Eldorado Gold to a “sector perform” rating in a research note on Monday, May 4th. Canaccord Genuity Group cut shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Zacks Research cut shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. ATB Cormark Capital Markets lowered shares of Eldorado Gold from a “moderate buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, TD Securities lowered their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a research report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $44.50.

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.