McAlvany Wealth Management LLC Buys 168,714 Shares of Equinox Gold Corp. $EQX

Key Points

• McAlvany Wealth Management increased its Equinox Gold stake by 1,673.3% in the third quarter, purchasing 168,714 additional shares and bringing its holdings to 178,797 shares valued at approximately $1.99 million.
• Institutional interest remains significant, with several major investment firms establishing new positions; institutions and hedge funds collectively own 38.85% of EQX.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $14.00 price target. Equinox Gold also raised its quarterly dividend to $0.0225 per share, producing a 0.9% annualized yield.

McAlvany Wealth Management LLC grew its stake in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 1,673.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 178,797 shares of the company's stock after buying an additional 168,714 shares during the quarter. McAlvany Wealth Management LLC's holdings in Equinox Gold were worth $1,986,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Deutsche Bank AG bought a new position in shares of Equinox Gold in the 2nd quarter valued at $82,981,000. The Manufacturers Life Insurance Company bought a new stake in Equinox Gold during the 2nd quarter worth $40,220,000. Legal & General Group Plc bought a new stake in Equinox Gold during the 2nd quarter worth $39,385,000. Man Group plc bought a new stake in Equinox Gold during the 2nd quarter worth $31,528,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Equinox Gold during the 2nd quarter worth $24,802,000. 38.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on EQX shares. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Equinox Gold in a report on Friday, October 16th. Zacks Research lowered Equinox Gold from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 21st. Royal Bank Of Canada lifted their price target on Equinox Gold from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Wednesday, September 16th. Scotiabank restated an "outperform" rating on shares of Equinox Gold in a report on Friday, August 7th. Finally, TD Securities reaffirmed a "buy" rating on shares of Equinox Gold in a research note on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Equinox Gold Price Performance

EQX stock opened at $10.08 on Tuesday. The company has a fifty day moving average price of $11.66 and a 200-day moving average price of $12.75. The company has a market capitalization of $11.77 billion, a P/E ratio of 12.63 and a beta of 1.32. Equinox Gold Corp. has a 52-week low of $8.48 and a 52-week 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.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business had revenue of $769.80 million for the quarter, compared to analyst estimates of $775.79 million. Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%. Equinox Gold's revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. As a group, equities analysts expect that Equinox Gold Corp. will post 1.00 EPS for the current year.

Equinox Gold Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 19th. This is a boost from Equinox Gold's previous quarterly dividend of $0.0150. Equinox Gold's dividend payout ratio (DPR) is presently 16.67%.

Equinox Gold Company Profile

Equinox Gold Corp. is a precious metals mining company focused primarily on the acquisition, development and operation of gold mines. The company produces gold and conducts exploration and development activities intended to expand its mineral reserves and production base.

Equinox Gold's operations and projects have been located across the Americas, including Canada, the United States, Mexico and Brazil. Its portfolio has included the Greenstone Mine in Ontario, the Mesquite and Castle Mountain projects in California, the Los Filos complex in Mexico, and the Aurizona, Fazenda and Santa Luz operations in Brazil.

The company was formed in 2017 through the merger of Trek Mining and NewCastle Gold and has since grown through acquisitions, mine development and exploration.

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.