Mackenzie Financial Corp Lowers Position in Eldorado Gold Corporation $EGO

Mackenzie Financial Corp decreased its stake in shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) by 68.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 154,553 shares of the basic materials company’s stock after selling 339,810 shares during the period. Mackenzie Financial Corp’s holdings in Eldorado Gold were worth $3,148,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Eldorado Gold in the 2nd quarter valued at $32,000. TD Waterhouse Canada Inc. grew its stake in shares of Eldorado Gold by 35.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,247 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 587 shares in the last quarter. Employees Retirement System of Texas purchased a new stake in shares of Eldorado Gold in the second quarter valued at about $83,000. SBI Securities Co. Ltd. lifted its position in shares of Eldorado Gold by 7.6% during the second quarter. SBI Securities Co. Ltd. now owns 9,693 shares of the basic materials company’s stock valued at $197,000 after purchasing an additional 687 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Eldorado Gold during the first quarter valued at about $207,000. Institutional investors own 69.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EGO. Scotiabank upped their price objective on shares of Eldorado Gold from $25.50 to $33.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Bank of America upped their target price on Eldorado Gold from $28.00 to $29.00 and gave the company an “underperform” rating in a report on Monday. CIBC increased their price target on Eldorado Gold from $32.00 to $46.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, National Bankshares restated an “outperform” rating on shares of Eldorado Gold in a research note on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Eldorado Gold has a consensus rating of “Moderate Buy” and an average target price of $31.20.

Eldorado Gold Trading Up 1.8%

Shares of EGO stock opened at $31.31 on Friday. The company has a quick ratio of 2.28, a current ratio of 2.79 and a debt-to-equity ratio of 0.31. The firm has a market cap of $6.29 billion, a P/E ratio of 17.39, a PEG ratio of 0.39 and a beta of 0.57. The company has a 50 day moving average of $28.11 and a 200-day moving average of $24.36. Eldorado Gold Corporation has a 12-month low of $13.29 and a 12-month high of $31.84.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data on Thursday, October 30th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.08). Eldorado Gold had a net margin of 22.15% and a return on equity of 8.89%. The firm had revenue of $436.44 million for the quarter, compared to the consensus estimate of $422.25 million. Sell-side analysts anticipate that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

About Eldorado Gold

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.