The Manufacturers Life Insurance Company Purchases New Shares in Eldorado Gold Corporation $EGO

The Manufacturers Life Insurance Company purchased a new position in shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 762,649 shares of the basic materials company’s stock, valued at approximately $23,688,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in Eldorado Gold in the 2nd quarter valued at about $32,000. Smartleaf Asset Management LLC purchased a new stake in shares of Eldorado Gold during the fourth quarter worth about $33,000. Wexford Capital LP acquired a new position in shares of Eldorado Gold in the third quarter worth about $37,000. State of Wyoming acquired a new position in shares of Eldorado Gold in the second quarter worth about $58,000. Finally, EFG International AG acquired a new position in shares of Eldorado Gold in the fourth quarter worth about $72,000. Hedge funds and other institutional investors own 69.58% of the company’s stock.

Wall Street Analyst Weigh In

EGO has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered their price objective on Eldorado Gold from $39.00 to $37.00 and set a “sector perform” rating for the company in a research note on Thursday, July 9th. Scotiabank cut their target price 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. Bank of America increased their target price on Eldorado Gold from $31.00 to $33.00 and gave the company an “underperform” rating in a research note on Thursday, July 9th. Weiss Ratings downgraded shares of Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. Finally, Stifel Nicolaus upgraded shares of Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Eldorado Gold currently has a consensus rating of “Hold” and a consensus target price of $43.00.

Eldorado Gold Stock Up 2.4%

NYSE:EGO opened at $48.08 on Friday. 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 has a market capitalization of $12.56 billion, a price-to-earnings ratio of 17.05, a price-to-earnings-growth ratio of 0.34 and a beta of 0.63. Eldorado Gold Corporation has a one year low of $23.81 and a one year high of $51.16. The stock has a 50-day simple moving average of $34.64 and a 200 day simple moving average of $35.46.

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

Eldorado Gold Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Eldorado Gold’s dividend payout ratio is 10.64%.

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.