Eldorado Gold Corp (EGO) Stake Lessened by Bridgewater Associates LP

Bridgewater Associates LP decreased its holdings in shares of Eldorado Gold Corp (NYSE:EGO) (TSE:ELD) by 52.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,433 shares of the basic materials company’s stock after selling 155,665 shares during the period. Bridgewater Associates LP’s holdings in Eldorado Gold were worth $122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in EGO. Tower Research Capital LLC TRC lifted its holdings in Eldorado Gold by 1,257.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 227,252 shares of the basic materials company’s stock valued at $201,000 after purchasing an additional 210,509 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Eldorado Gold by 479.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 346,881 shares of the basic materials company’s stock valued at $343,000 after purchasing an additional 287,028 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Eldorado Gold by 26.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 420,255 shares of the basic materials company’s stock valued at $418,000 after purchasing an additional 86,696 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Eldorado Gold by 165.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 512,250 shares of the basic materials company’s stock valued at $509,000 after purchasing an additional 319,046 shares in the last quarter. Finally, CIBC World Markets Inc. lifted its holdings in Eldorado Gold by 24.6% in the 3rd quarter. CIBC World Markets Inc. now owns 755,430 shares of the basic materials company’s stock valued at $667,000 after purchasing an additional 149,331 shares in the last quarter. Hedge funds and other institutional investors own 38.52% of the company’s stock.

A number of research analysts have weighed in on the company. Zacks Investment Research lowered Eldorado Gold from a “buy” rating to a “hold” rating in a report on Wednesday, October 17th. National Bank Financial assumed coverage on Eldorado Gold in a report on Thursday, October 18th. They issued an “outperform” rating on the stock. Canaccord Genuity restated a “hold” rating on shares of Eldorado Gold in a report on Monday, October 22nd. TD Securities decreased their price objective on Eldorado Gold from $0.80 to $0.70 and set a “reduce” rating on the stock in a report on Monday, October 29th. Finally, ValuEngine upgraded Eldorado Gold from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $1.11.

Shares of EGO opened at $0.61 on Friday. Eldorado Gold Corp has a 52-week low of $0.55 and a 52-week high of $1.47. The firm has a market capitalization of $452.59 million, a price-to-earnings ratio of 30.50 and a beta of 1.60. The company has a debt-to-equity ratio of 0.17, a current ratio of 6.33 and a quick ratio of 4.79.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its earnings results on Thursday, October 25th. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Eldorado Gold had a negative return on equity of 0.27% and a negative net margin of 35.17%. The company had revenue of $81.07 million during the quarter, compared to analyst estimates of $107.21 million. On average, sell-side analysts forecast that Eldorado Gold Corp will post -0.02 EPS for the current fiscal year.

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Eldorado Gold Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, Greece, Brazil, Serbia, Canada, and Romania. The company holds 100% interests in the Kisladag and Efemcukuru gold mines in Turkey; Lamaque gold project in Canada; Perama Hill gold-silver project and Sapes in Greece; and Vila Nova iron ore mine and Tocantinzinho gold project in Brazil.

Further Reading: What is Net Asset Value (NAV)?

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Institutional Ownership by Quarter for Eldorado Gold (NYSE:EGO)

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