Equinox Gold Corp. $EQX Stock Position Decreased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Equinox Gold by 8.0% in the first quarter, selling 201,200 shares and ending with 2,304,955 shares valued at about $33.3 million.
• Equinox Gold reported Q1 earnings of $0.28 per share, narrowly missing analyst expectations of $0.29, while revenue came in at $861.6 million versus the $896.9 million forecast.
• The company declared a quarterly dividend of $0.015 per share and remains broadly supported by analysts, with a consensus Buy rating and an average price target of $13.00.

Gabelli Funds LLC cut its stake in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 8.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,304,955 shares of the company's stock after selling 201,200 shares during the period. Gabelli Funds LLC owned approximately 0.29% of Equinox Gold worth $33,330,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. FIL Ltd acquired a new position in shares of Equinox Gold in the fourth quarter worth about $332,888,000. Norges Bank purchased a new position in shares of Equinox Gold in the fourth quarter worth approximately $141,388,000. Boston Partners acquired a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $75,290,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $55,875,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Equinox Gold by 163.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 5,946,309 shares of the company's stock valued at $83,576,000 after acquiring an additional 3,688,805 shares in the last quarter. 38.85% of the stock is owned by hedge funds and other institutional investors.

Equinox Gold Stock Down 0.1%

Equinox Gold stock opened at $9.28 on Friday. Equinox Gold Corp. has a twelve month low of $6.01 and a twelve month high of $18.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.75 and a current ratio of 1.24. The firm has a market cap of $7.32 billion, a PE ratio of 11.60 and a beta of 1.26. The firm's 50 day moving average price is $10.56 and its two-hundred day moving average price is $13.48.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.29 by ($0.01). Equinox Gold had a net margin of 21.72% and a return on equity of 10.26%. The company had revenue of $861.59 million for the quarter, compared to analyst estimates of $896.94 million. During the same period last year, the business earned ($0.08) EPS. The company's quarterly revenue was up 224.3% on a year-over-year basis. On average, research analysts predict that Equinox Gold Corp. will post 1.12 EPS for the current fiscal year.

Equinox Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Thursday, May 21st were issued a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Thursday, May 21st. Equinox Gold's dividend payout ratio (DPR) is currently 11.11%.

Analyst Upgrades and Downgrades

EQX has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised shares of Equinox Gold from a "buy" rating to a "buy" rating in a research note on Monday, June 8th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Equinox Gold in a research note on Thursday, July 16th. Royal Bank Of Canada reduced their target price on Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Finally, Zacks Research cut Equinox Gold from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $13.00.

About Equinox Gold

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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