Rathbones Group PLC has decreased its stake in Equinox Gold Corp. (NYSEAMERICAN: EQX) by 34.1% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm currently holds 72,526 shares of Equinox Gold, valued at approximately $812,000, following the sale of 37,467 shares.
Other institutional investors have also adjusted their positions in Equinox Gold. Ruffer LLP increased its stake by 15.4% during the same period, now owning 8,651,889 shares worth about $96,992,000 after acquiring an additional 1,152,288 shares. Y Intercept Hong Kong Ltd entered a new position in Equinox Gold, investing around $6,991,000 in the third quarter.
Maple Rock Capital Partners Inc. raised its holdings in Equinox Gold significantly, by 102.1% during the second quarter, now owning 14,308,748 shares valued at $82,398,000. Allspring Global Investments Holdings LLC increased its stake by 70.7% in the third quarter, now owning 941,985 shares worth approximately $10,550,000. Integrated Advisors Network LLC also purchased a new stake valued at about $1,111,000. Overall, hedge funds and institutional investors collectively own 38.85% of Equinox Gold’s stock.
Analyst Ratings and Market Performance
Equinox Gold has received varied ratings from analysts. The Canadian Imperial Bank of Commerce upgraded its rating from “hold” to “strong-buy” in a research note dated February 23, 2024. Scotiabank reaffirmed an “outperform” rating on January 26, 2024, while BMO Capital Markets did the same on January 27, 2024. Stifel Nicolaus initiated coverage on the company, issuing a “buy” rating on December 2, 2023. According to MarketBeat.com, the average rating for Equinox Gold is currently “buy,” with an average target price set at $17.00.
On the trading front, Equinox Gold shares opened at $16.51 on Tuesday, with a market capitalization of $13.01 billion. The company has a P/E ratio of 68.79 and a beta of 1.20. The stock’s performance over the last year has seen a low of $5.59 and a high of $18.96. As of now, Equinox Gold maintains a debt-to-equity ratio of 0.24 and a current ratio of 1.56.
Equinox Gold also announced a quarterly dividend of $0.015 per share, set to be paid on March 26, 2024. Shareholders of record on March 12, 2024, will receive this dividend, which translates to an annualized dividend of $0.06 and a yield of 0.4%.
Company Overview
Equinox Gold Corp, headquartered in Vancouver, British Columbia, is a Canadian gold mining company focused on acquiring, developing, and operating gold properties. The company emphasizes open-pit heap leach mining and aims to build a diversified portfolio that balances production and growth while adhering to stringent safety and environmental standards. Equinox Gold operates across three countries and has pursued a strategy of consolidating assets in established mining jurisdictions.
Recent changes in stock holdings and institutional investment patterns highlight a dynamic environment for Equinox Gold as it continues to adapt and grow within the competitive mining sector.
