RWC Asset Management LLP Makes New Investment in Eldorado Gold Corporation $EGO

RWC Asset Management LLP bought a new position in shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 793,675 shares of the basic materials company’s stock, valued at approximately $30,549,000. Eldorado Gold comprises approximately 1.1% of RWC Asset Management LLP’s investment portfolio, making the stock its 22nd biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its position in shares of Eldorado Gold by 39.0% in the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company’s stock valued at $580,739,000 after buying an additional 5,241,277 shares during the last quarter. Caisse de depot et placement du Quebec purchased a new position in shares of Eldorado Gold in the second quarter worth about $7,356,000. Jupiter Topco LLC purchased a new position in shares of Eldorado Gold in the second quarter worth about $3,621,000. Fund 1 Investments LLC purchased a new position in shares of Eldorado Gold in the second quarter worth about $2,577,000. Finally, Bank of America Corp DE acquired a new position in Eldorado Gold during the second quarter worth about $18,797,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Trading Down 3.9%

NYSE:EGO traded down $1.28 during trading hours on Friday, hitting $31.63. The company had a trading volume of 3,116,396 shares, compared to its average volume of 3,087,046. The company has a current ratio of 1.31, a quick ratio of 0.85 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $40.64 and a 200 day moving average of $35.43. The company has a market cap of $8.27 billion, a P/E ratio of 11.22, a P/E/G ratio of 0.30 and a beta of 0.67. Eldorado Gold Corporation has a 1 year low of $24.44 and a 1 year high of $51.16.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. The business had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. Sell-side analysts expect that Eldorado Gold Corporation will post 3.02 earnings per share for the current year.

Eldorado Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.0750 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.30 dividend on an annualized basis and a yield of 0.9%. Eldorado Gold’s dividend payout ratio is currently 10.64%.

Wall Street Analyst Weigh In

EGO has been the topic of a number of recent research reports. Royal Bank Of Canada boosted their price target on shares of Eldorado Gold from $37.00 to $41.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 16th. Jefferies Financial Group initiated coverage on shares of Eldorado Gold in a report on Thursday, August 20th. They issued a “buy” rating and a $50.00 price objective for the company. Zacks Research lowered shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, October 19th. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, Weiss Ratings cut Eldorado Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.57.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canadian mining company focused on the exploration, development and operation of gold properties. The company produces gold and related by-products, including silver, and manages a portfolio of mines and development projects in Türkiye, Greece and Canada.

Eldorado’s operations and projects include the Kisladag and Efemcukuru gold mines in Türkiye, the Olympias polymetallic mine and Skouries copper-gold project in Greece, and the Lamaque gold operation in Quebec, Canada.