Donald Smith & CO. Inc. acquired a new position in shares of Eldorado Gold Corporation (NYSE:EGO – Free Report) (TSE:ELD) during the second quarter, HoldingsChannel reports. The fund acquired 8,767,454 shares of the basic materials company’s stock, valued at approximately $272,580,000. Eldorado Gold comprises about 4.8% of Donald Smith & CO. Inc.’s portfolio, making the stock its 2nd largest holding.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Eldorado Gold in the second quarter worth about $587,469,000. L1 Capital Pty Ltd lifted its position in shares of Eldorado Gold by 35.2% during the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock worth $346,283,000 after purchasing an additional 2,512,168 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Eldorado Gold by 2.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company’s stock valued at $199,274,000 after purchasing an additional 132,170 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Eldorado Gold by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 5,113,413 shares of the basic materials company’s stock valued at $175,522,000 after purchasing an additional 54,964 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Eldorado Gold by 904.1% in the fourth quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock valued at $65,322,000 after purchasing an additional 1,631,373 shares in the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.
Eldorado Gold Trading Up 7.5%
EGO opened at $45.83 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85. The company has a market cap of $11.98 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.31 and a beta of 0.63. The firm has a 50 day simple moving average of $33.56 and a 200 day simple moving average of $35.25. Eldorado Gold Corporation has a fifty-two week low of $22.66 and a fifty-two week high of $51.16.
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 given a dividend of $0.075 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.30 annualized dividend and a dividend yield of 0.7%. Eldorado Gold’s payout ratio is presently 10.64%.
Analysts Set New Price Targets
Several research analysts recently weighed in on EGO shares. Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a research report on Sunday, August 9th. Weiss Ratings lowered Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. Jefferies Financial Group began coverage on Eldorado Gold in a research note on Thursday. They issued a “buy” rating and a $50.00 target price for the company. Scotiabank dropped their target price on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Finally, Stifel Nicolaus raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $43.00.
Eldorado Gold 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.
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