The Manufacturers Life Insurance Company Buys Shares of 4,145,083 Equinox Gold Corp. $EQX

Key Points

• The Manufacturers Life Insurance Company acquired 4.15 million Equinox Gold shares worth approximately $40.2 million, taking a 0.36% stake. Institutional investors collectively own 38.85% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a consensus price target of $13.00, although Zacks downgraded the stock to “Hold” and RBC lowered its target.
• Equinox Gold reported quarterly revenue growth of 60.8% year over year but narrowly missed EPS and revenue estimates. The company also raised its quarterly dividend to $0.0225, implying a 0.7% annual yield.

The Manufacturers Life Insurance Company bought a new position in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,145,083 shares of the company's stock, valued at approximately $40,220,000. The Manufacturers Life Insurance Company owned approximately 0.36% of Equinox Gold as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Equinox Gold by 11.8% during the fourth quarter. Vanguard Group Inc. now owns 30,714,751 shares of the company's stock worth $431,665,000 after buying an additional 3,250,135 shares during the last quarter. PKO Investment Management Joint Stock Co increased its holdings in shares of Equinox Gold by 41.3% during the 4th quarter. PKO Investment Management Joint Stock Co now owns 342,387 shares of the company's stock worth $4,821,000 after acquiring an additional 100,000 shares during the last quarter. Bard Associates Inc. bought a new stake in Equinox Gold in the 2nd quarter valued at $3,763,000. Euro Pacific Asset Management LLC lifted its holdings 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 during the last quarter. Finally, Amundi boosted its position in Equinox Gold by 14.1% during the first quarter. Amundi now owns 4,239,964 shares of the company's stock worth $61,310,000 after purchasing an additional 523,741 shares during the period. Institutional investors and hedge funds own 38.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Zacks Research cut shares of Equinox Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. The Goldman Sachs Group raised Equinox Gold from a "buy" rating to a "buy" rating in a research report on Monday, June 8th. Royal Bank Of Canada dropped their price target on Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Scotiabank reaffirmed an "outperform" rating on shares of Equinox Gold in a report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. One equities research 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. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $13.00.

Equinox Gold Price Performance

Shares of NYSEAMERICAN EQX opened at $13.63 on Thursday. The business has a fifty day moving average price of $10.36 and a two-hundred day moving average price of $12.86. The stock has a market capitalization of $15.91 billion, a PE ratio of 13.63 and a beta of 1.27. 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 Corp. has a fifty-two week low of $8.07 and a fifty-two week high of $18.96.

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). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%.The company had revenue of $769.80 million during the quarter, compared to the consensus estimate of $775.79 million. During the same quarter in the previous year, the business posted $0.11 EPS. The firm's revenue for the quarter was up 60.8% on a year-over-year basis. As a group, equities analysts predict that Equinox Gold Corp. will post 1.1 earnings per share for the current fiscal year.

Equinox Gold Increases Dividend

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

Equinox Gold 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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