Gabelli Funds LLC Sells 83,500 Shares of Eldorado Gold Co. (NYSE:EGO)

Gabelli Funds LLC cut its holdings in shares of Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,936,500 shares of the basic materials company’s stock after selling 83,500 shares during the period. Gabelli Funds LLC owned approximately 0.95% of Eldorado Gold worth $28,641,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Eldorado Gold during the 1st quarter valued at $36,374,000. Donald Smith & CO. Inc. boosted its holdings in Eldorado Gold by 9.8% during the first quarter. Donald Smith & CO. Inc. now owns 13,948,916 shares of the basic materials company’s stock worth $196,261,000 after purchasing an additional 1,240,732 shares during the last quarter. Tidal Investments LLC purchased a new position in Eldorado Gold during the first quarter worth about $11,431,000. Commonwealth Equity Services LLC purchased a new stake in Eldorado Gold in the 2nd quarter valued at about $6,992,000. Finally, Jessup Wealth Management Inc purchased a new stake in Eldorado Gold in the 2nd quarter valued at about $6,910,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Trading Up 1.4 %

Shares of Eldorado Gold stock opened at $17.54 on Monday. The stock has a market capitalization of $3.59 billion, a P/E ratio of 30.77 and a beta of 0.95. Eldorado Gold Co. has a 52-week low of $8.30 and a 52-week high of $18.38. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.65 and a current ratio of 3.62. The stock’s 50-day simple moving average is $16.90 and its 200 day simple moving average is $15.57.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. The company had revenue of $297.14 million for the quarter. Eldorado Gold had a net margin of 15.67% and a return on equity of 5.82%. During the same period last year, the firm earned $0.09 EPS. As a group, research analysts anticipate that Eldorado Gold Co. will post 1.35 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on EGO shares. CIBC upped their target price on Eldorado Gold from $18.00 to $22.50 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank upped their price objective on Eldorado Gold from $18.00 to $20.00 and gave the company a “sector perform” rating in a research note on Monday, August 19th. Royal Bank of Canada raised their target price on Eldorado Gold from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of Eldorado Gold from a “hold” rating to a “buy” rating in a report on Monday, July 1st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eldorado Gold currently has an average rating of “Hold” and a consensus price target of $19.38.

Eldorado Gold Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.