Bank of New York Mellon Corp Purchases Shares of 703,883 Equinox Gold Corp. $EQX

Key Points

• Bank of New York Mellon initiated a position in Equinox Gold by purchasing 703,883 shares valued at approximately $6.84 million, representing about 0.09% of the company. Institutional investors collectively own 38.85% of EQX.
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, but earnings of $0.16 per share fell short of analyst expectations by $0.01.
• The company increased its quarterly dividend to $0.0225 per share, or $0.09 annually, producing a 0.7% yield. Analysts maintain a consensus “Buy” rating with a $13.00 price target.

Bank of New York Mellon Corp bought a new position in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 703,883 shares of the company's stock, valued at approximately $6,842,000. Bank of New York Mellon Corp owned about 0.09% of Equinox Gold as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Euro Pacific Asset Management LLC increased its stake in Equinox Gold by 20.2% during the 1st quarter. Euro Pacific Asset Management LLC now owns 2,292,608 shares of the company's stock valued at $32,596,000 after purchasing an additional 385,638 shares in the last quarter. Amundi lifted its holdings in Equinox Gold by 14.1% in the first quarter. Amundi now owns 4,239,964 shares of the company's stock valued at $61,310,000 after acquiring an additional 523,741 shares during the period. Groupe la Francaise boosted its holdings in shares of Equinox Gold by 110.5% in the first quarter. Groupe la Francaise now owns 2,000,000 shares of the company's stock worth $28,789,000 after buying an additional 1,050,000 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Equinox Gold by 25.6% in the 1st quarter. Janus Henderson Group PLC now owns 894,799 shares of the company's stock worth $12,935,000 after purchasing an additional 182,634 shares in the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Equinox Gold by 34.6% in the fourth quarter. Cibc World Market Inc. now owns 773,520 shares of the company's stock worth $10,860,000 after buying an additional 199,018 shares during the period. Hedge funds and other institutional investors own 38.85% of the company's stock.

Equinox Gold Price Performance

NYSEAMERICAN:EQX opened at $13.12 on Friday. Equinox Gold Corp. has a one year low of $8.48 and a one year high of $18.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33. The firm has a market cap of $15.32 billion, a price-to-earnings ratio of 13.12 and a beta of 1.32. The firm's fifty day moving average is $10.71 and its two-hundred day moving average is $12.75.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Equinox Gold had a net margin of 26.30% and a return on equity of 10.91%. The company had revenue of $769.80 million for the quarter, compared to analysts' expectations of $775.79 million. During the same quarter in the previous year, the business posted $0.11 EPS. The business's quarterly revenue was up 60.8% on a year-over-year basis. Research analysts expect that Equinox Gold Corp. will post 1.1 EPS for the current year.

Equinox Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.0225 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.09 annualized dividend and a yield of 0.7%. This is a boost from Equinox Gold's previous quarterly dividend of $0.01. Equinox Gold's payout ratio is currently 16.67%.

Wall Street Analyst Weigh In

EQX has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised Equinox Gold from a "buy" rating to a "buy" rating in a research note on Monday, June 8th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. Royal Bank Of Canada dropped their price target on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Scotiabank reaffirmed an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 7th. Finally, Zacks Research downgraded shares of Equinox Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $13.00.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold's operating portfolio spans three countries.

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