Montrusco Bolton Investments Inc. Makes New $1.93 Million Investment in Eldorado Gold Corporation $EGO

Montrusco Bolton Investments Inc. purchased a new stake in shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 49,987 shares of the basic materials company’s stock, valued at approximately $1,929,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Eldorado Gold in the 2nd quarter worth $587,469,000. Donald Smith & CO. Inc. purchased a new stake in Eldorado Gold during the second quarter valued at $272,580,000. Van ECK Associates Corp increased its position in Eldorado Gold by 39.0% during 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 acquiring an additional 5,241,277 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Eldorado Gold during the second quarter valued at $61,156,000. Finally, Deutsche Bank AG bought a new position in Eldorado Gold in the second quarter valued at about $44,892,000. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

Eldorado Gold Stock Performance

Shares of EGO stock traded down $0.90 during mid-day trading on Tuesday, reaching $36.64. 2,574,302 shares of the company’s stock traded hands, compared to its average volume of 2,901,969. Eldorado Gold Corporation has a 12 month low of $24.44 and a 12 month high of $51.16. The firm has a 50 day moving average price of $41.14 and a two-hundred day moving average price of $35.41. 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 firm has a market capitalization of $9.58 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.28 and a beta of 0.67.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. The firm had revenue of $487.50 million during the quarter, compared to analyst estimates of $529.92 million. On average, research analysts forecast that Eldorado Gold Corporation will post 3.13 EPS for the current year.

Eldorado Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 1st. Eldorado Gold’s payout ratio is currently 10.64%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Royal Bank Of Canada raised their target price on Eldorado Gold from $37.00 to $41.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 16th. Bank of America raised shares of Eldorado Gold from an “underperform” rating to a “buy” rating and upped their price target for the company from $32.00 to $54.00 in a research report on Tuesday, September 22nd. Jefferies Financial Group started coverage on shares of Eldorado Gold in a research report on Thursday, August 20th. They set a “buy” rating and a $50.00 price target for the company. Stifel Nicolaus upgraded shares of Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a report on Sunday, August 9th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.57.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canadian gold mining company engaged in the exploration, development, construction and operation of gold mines. The company produces gold doré and concentrates, with its activities focused on operating and advancing assets in Türkiye, Greece and Canada.

Eldorado Gold’s principal producing operations include the Kisladag and Efemcukuru mines in Türkiye, the Olympias mine in northern Greece and the Lamaque mine in Quebec, Canada. The company is also advancing the Skouries project in Greece, a copper-gold development intended to produce both copper concentrate and gold.

The company traces its modern history to the 1990s and has expanded through exploration, mine development and acquisitions, including the acquisition of European Goldfields and Integra Gold.