The Manufacturers Life Insurance Company Increases Stock Position in Eldorado Gold Co. (NYSE:EGO)

The Manufacturers Life Insurance Company grew its position in shares of Eldorado Gold Co. (NYSE:EGO - Free Report) TSE: ELD by 55.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 264,111 shares of the basic materials company's stock after purchasing an additional 94,676 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.13% of Eldorado Gold worth $4,592,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in EGO. Financial Management Professionals Inc. acquired a new position in Eldorado Gold in the third quarter valued at $32,000. Blue Trust Inc. increased its position in Eldorado Gold by 232.8% in the 3rd quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company's stock valued at $33,000 after acquiring an additional 1,336 shares during the period. Banque Cantonale Vaudoise purchased a new stake in Eldorado Gold during the 3rd quarter valued at approximately $36,000. Point72 DIFC Ltd purchased a new stake in Eldorado Gold during the 2nd quarter valued at approximately $74,000. Finally, Tobam lifted its position in Eldorado Gold by 14.8% during the 2nd quarter. Tobam now owns 5,036 shares of the basic materials company's stock worth $74,000 after acquiring an additional 651 shares during the period. Institutional investors and hedge funds own 69.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on EGO. Scotiabank upped their price target on Eldorado Gold from $18.00 to $20.00 and gave the stock a "sector perform" rating in a research note on Monday, August 19th. Royal Bank of Canada upped their price objective on shares of Eldorado Gold from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 10th. TD Securities lowered their target price on shares of Eldorado Gold from $20.00 to $19.00 and set a "hold" rating on the stock in a report on Monday, November 4th. Finally, StockNews.com cut shares of Eldorado Gold from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $20.88.

Eldorado Gold Price Performance

Shares of NYSE:EGO traded down $0.35 on Friday, reaching $15.83. 668,059 shares of the company were exchanged, compared to its average volume of 1,264,499. The company has a 50-day moving average of $16.80 and a 200-day moving average of $16.51. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 11.82 and a beta of 0.93. Eldorado Gold Co. has a 1-year low of $9.72 and a 1-year high of $19.06.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its earnings results on Thursday, October 31st. The basic materials company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Eldorado Gold had a net margin of 23.16% and a return on equity of 6.67%. The company had revenue of $331.76 million for the quarter. During the same quarter in the previous year, the company posted $0.17 earnings per share. Equities analysts forecast that Eldorado Gold Co. will post 1.41 earnings per share for the current fiscal year.

Eldorado Gold Company 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.