Legal & General Group Plc Makes New $18.48 Million Investment in Eldorado Gold Corporation $EGO

Legal & General Group Plc purchased a new stake in Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) during the 2nd quarter, Holdings Channel reports. The fund purchased 593,871 shares of the basic materials company’s stock, valued at approximately $18,476,000.

Several other large investors have also modified their holdings of EGO. The Manufacturers Life Insurance Company acquired a new position in shares of Eldorado Gold during the 2nd quarter worth approximately $23,688,000. Cibc World Market Inc. acquired a new stake in Eldorado Gold during the 2nd quarter valued at $9,369,000. Sanctuary Advisors LLC acquired a new stake in Eldorado Gold during the 2nd quarter valued at $249,000. Heartland Advisors Inc. purchased a new position in Eldorado Gold during the second quarter worth $22,060,000. Finally, Donald Smith & CO. Inc. purchased a new position in Eldorado Gold during the second quarter worth $272,580,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Stock Performance

Shares of EGO opened at $45.48 on Monday. Eldorado Gold Corporation has a fifty-two week low of $23.95 and a fifty-two week high of $51.16. The company has a market capitalization of $11.88 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 0.33 and a beta of 0.63. The stock has a fifty day moving average of $34.89 and a two-hundred day moving average of $35.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business 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%. As a group, analysts forecast that Eldorado Gold Corporation will post 3.23 EPS for the current year.

Eldorado Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 yield of 0.7%. Eldorado Gold’s dividend payout ratio is 10.64%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on EGO shares. Bank of America upped their price objective on Eldorado Gold from $31.00 to $33.00 and gave the company an “underperform” rating in a research report on Thursday, July 9th. Zacks Research cut Eldorado Gold from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a research note on Sunday, August 9th. Scotiabank reduced their target price on shares of Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Finally, ATB Cormark Capital Markets cut shares of Eldorado Gold from a “moderate buy” rating to a “hold” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Eldorado Gold presently has an average rating of “Hold” and an average 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.