Pictet Asset Management Holding SA Sells 34,741 Shares of Eldorado Gold Corporation $EGO

Pictet Asset Management Holding SA decreased its holdings in shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) by 28.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,435 shares of the basic materials company’s stock after selling 34,741 shares during the period. Pictet Asset Management Holding SA’s holdings in Eldorado Gold were worth $3,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Smartleaf Asset Management LLC purchased a new position in Eldorado Gold during the 4th quarter valued at about $33,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Eldorado Gold during the fourth quarter valued at approximately $36,000. Aventura Private Wealth LLC purchased a new stake in Eldorado Gold during the 4th quarter valued at $36,000. Wexford Capital LP purchased a new stake in shares of Eldorado Gold during the third quarter valued at $37,000. Finally, Headlands Technologies LLC bought a new stake in Eldorado Gold in the 2nd quarter worth about $32,000. 69.58% of the stock is owned by hedge funds and other institutional investors.

Eldorado Gold Stock Down 0.2%

NYSE:EGO opened at $33.61 on Friday. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 0.20 and a beta of 0.62. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. Eldorado Gold Corporation has a twelve month low of $19.62 and a twelve month high of $51.16. The stock has a fifty day simple moving average of $31.95 and a 200-day simple moving average of $36.60.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.26. Eldorado Gold had a return on equity of 11.60% and a net margin of 28.62%.The business had revenue of $532.43 million during the quarter, compared to analysts’ expectations of $503.31 million. Analysts anticipate that Eldorado Gold Corporation will post 4.27 EPS for the current year.

Eldorado Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, June 2nd were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 2nd. Eldorado Gold’s payout ratio is currently 10.68%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on EGO. BMO Capital Markets reaffirmed an “outperform” rating on shares of Eldorado Gold in a report on Wednesday, April 15th. Zacks Research raised shares of Eldorado Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Scotiabank reduced their target price on shares of Eldorado Gold from $58.00 to $56.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 21st. TD Securities reduced their price objective on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. Finally, ATB Cormark Capital Markets lowered Eldorado Gold from a “moderate buy” rating to a “hold” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $44.50.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.