Connor Clark & Lunn Investment Management Ltd. Invests $24.80 Million in Equinox Gold Corp. $EQX

Key Points

• Connor Clark & Lunn Investment Management acquired 2.55 million Equinox Gold shares worth approximately $24.8 million, giving it a 0.22% stake. Institutional investors collectively own 38.85% of the company.
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, but earnings of $0.16 per share narrowly missed analysts’ $0.17 estimate.
• The company increased its quarterly dividend to $0.0225 per share, or $0.09 annually, representing a 0.7% yield. Analysts maintain a consensus “Buy” rating with a $13.00 price target.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,549,670 shares of the company's stock, valued at approximately $24,802,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.22% of Equinox Gold at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. FIL Ltd bought a new position in shares of Equinox Gold during the 4th quarter valued at $332,888,000. Norges Bank purchased a new position in Equinox Gold in the 4th quarter worth $141,388,000. Deutsche Bank AG bought a new stake in Equinox Gold in the second quarter worth $82,981,000. Boston Partners bought a new stake in Equinox Gold in the fourth quarter worth $75,290,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Equinox Gold during the fourth quarter valued at about $55,875,000. 38.85% of the stock is owned by hedge funds and other institutional investors.

Equinox Gold Stock Up 1.7%

NYSEAMERICAN:EQX opened at $13.76 on Tuesday. The firm has a market cap of $16.06 billion, a P/E ratio of 13.76 and a beta of 1.27. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33. Equinox Gold Corp. has a fifty-two week low of $8.06 and a fifty-two week high of $18.96. The firm has a 50-day simple moving average of $10.26 and a two-hundred day simple moving average of $12.87.

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

Equinox Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a $0.0225 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.09 dividend on an annualized basis and a yield of 0.7%. This is an increase from Equinox Gold's previous quarterly dividend of $0.01. Equinox Gold's payout ratio is 16.67%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Zacks Research lowered Equinox Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Royal Bank Of Canada lowered their price target on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Scotiabank reissued an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 7th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Equinox Gold in a report on Thursday, July 16th. Finally, The Goldman Sachs Group upgraded shares of Equinox Gold from a "buy" rating to a "buy" rating in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average 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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