Legal & General Group Plc Makes New Investment in Equinox Gold Corp. $EQX

Key Points

• Legal & General Group acquired 4.05 million Equinox Gold shares worth approximately $39.4 million, representing about 0.35% of the company. Institutional investors collectively own 38.85% of EQX.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a consensus price target of $13.00, despite one recent downgrade to “Hold.”
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, though EPS slightly missed estimates. The company also increased its quarterly dividend to $0.0225 per share, or $0.09 annually.

Legal & General Group Plc acquired a new position in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,046,883 shares of the company's stock, valued at approximately $39,385,000. Legal & General Group Plc owned approximately 0.35% of Equinox Gold at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company acquired a new stake in Equinox Gold during the second quarter worth approximately $40,220,000. Infrastructure Capital Advisors LLC bought a new stake in Equinox Gold in the second quarter worth approximately $126,000. Cibc World Market Inc. acquired a new position in Equinox Gold in the second quarter valued at approximately $6,670,000. Sanctuary Advisors LLC acquired a new position in Equinox Gold in the second quarter valued at approximately $187,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Equinox Gold during the 2nd quarter worth approximately $24,802,000. Institutional investors own 38.85% of the company's stock.

Wall Street Analyst Weigh In

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

Equinox Gold Stock Down 3.4%

Shares of NYSEAMERICAN EQX opened at $12.99 on Friday. The stock has a market capitalization of $15.17 billion, a P/E ratio of 12.99 and a beta of 1.27. The company has a 50-day moving average price of $10.47 and a 200-day moving average price of $12.86. Equinox Gold Corp. has a 1 year low of $8.24 and a 1 year high of $18.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.33 and a quick ratio of 0.77.

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

Equinox Gold Increases Dividend

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

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.

Want to see what other hedge funds are holding EQX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source