Connor Clark & Lunn Investment Management Ltd. Sells 813,500 Shares of Eldorado Gold Co. (NYSE:EGO)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Eldorado Gold Co. (NYSE:EGO - Free Report) TSE: ELD by 45.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 962,400 shares of the basic materials company's stock after selling 813,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.47% of Eldorado Gold worth $14,296,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of EGO. Banque Cantonale Vaudoise acquired a new stake in shares of Eldorado Gold in the 3rd quarter valued at $36,000. Jennison Associates LLC increased its holdings in shares of Eldorado Gold by 65.0% during the 3rd quarter. Jennison Associates LLC now owns 6,032,048 shares of the basic materials company's stock worth $104,777,000 after purchasing an additional 2,376,241 shares during the period. Navellier & Associates Inc. acquired a new position in shares of Eldorado Gold during the third quarter valued at about $878,000. Independent Advisor Alliance bought a new stake in shares of Eldorado Gold in the third quarter valued at about $544,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Eldorado Gold by 55.9% in the third quarter. The Manufacturers Life Insurance Company now owns 264,111 shares of the basic materials company's stock valued at $4,592,000 after buying an additional 94,676 shares during the period. Institutional investors and hedge funds own 69.58% of the company's stock.

Remove Ads

Eldorado Gold Price Performance

NYSE EGO traded up $0.23 during trading on Monday, reaching $15.49. 1,347,585 shares of the company traded hands, compared to its average volume of 1,416,196. Eldorado Gold Co. has a 1-year low of $12.75 and a 1-year high of $19.06. The company has a market cap of $3.17 billion, a price-to-earnings ratio of 11.06 and a beta of 1.11. The stock's 50 day moving average price is $14.74 and its two-hundred day moving average price is $15.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.13. The firm had revenue of $435.70 million for the quarter, compared to analysts' expectations of $440.43 million. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. As a group, analysts anticipate that Eldorado Gold Co. will post 1.5 EPS for the current year.

Wall Street Analyst Weigh In

EGO has been the subject of several recent research reports. StockNews.com raised Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, February 28th. Scotiabank cut their target price on Eldorado Gold from $18.50 to $16.50 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

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.