Eldorado Gold Corporation $EGO Stake Decreased by Invenomic Capital Management LP

Invenomic Capital Management LP reduced its stake in Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) by 20.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,496,283 shares of the basic materials company’s stock after selling 382,819 shares during the quarter. Eldorado Gold accounts for approximately 2.5% of Invenomic Capital Management LP’s portfolio, making the stock its 5th largest holding. Invenomic Capital Management LP owned 0.75% of Eldorado Gold worth $53,746,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Investment Management Corp of Ontario boosted its holdings in shares of Eldorado Gold by 224.2% in the 4th quarter. Investment Management Corp of Ontario now owns 24,621 shares of the basic materials company’s stock worth $884,000 after buying an additional 17,026 shares during the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Eldorado Gold in the 4th quarter worth about $258,000. EFG International AG purchased a new stake in Eldorado Gold during the fourth quarter valued at about $72,000. Amundi lifted its holdings in Eldorado Gold by 3.3% during the fourth quarter. Amundi now owns 1,053,484 shares of the basic materials company’s stock valued at $37,841,000 after purchasing an additional 33,687 shares during the last quarter. Finally, FIL Ltd purchased a new stake in Eldorado Gold during the fourth quarter valued at about $35,473,000. 69.58% of the stock is owned by hedge funds and other institutional investors.

Eldorado Gold Trading Down 1.4%

Shares of Eldorado Gold stock opened at $34.17 on Thursday. Eldorado Gold Corporation has a 12-month low of $19.56 and a 12-month high of $51.16. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.20 and a beta of 0.58. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $32.63 and its 200-day moving average price is $36.65.

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

Eldorado Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.9%. The ex-dividend date was Tuesday, June 2nd. Eldorado Gold’s payout ratio is presently 10.68%.

Analysts Set New Price Targets

Several research firms have commented on EGO. TD Securities dropped their price objective on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. Zacks Research downgraded shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 29th. Weiss Ratings downgraded shares of Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 11th. Canaccord Genuity Group downgraded shares of Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, February 20th. Finally, TD Cowen dropped their price objective on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target 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.