Equinox Gold Corp. $EQX Stock Position Boosted by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC grew its position in Equinox Gold Corp. (NYSEAMERICAN:EQX) by 52.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 140,250 shares of the company’s stock after purchasing an additional 47,950 shares during the period. Cardinal Point Capital Management ULC’s holdings in Equinox Gold were worth $1,562,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Deutsche Bank AG acquired a new stake in shares of Equinox Gold in the second quarter valued at approximately $82,981,000. The Manufacturers Life Insurance Company acquired a new position in Equinox Gold during the second quarter worth $40,220,000. Legal & General Group Plc acquired a new position in shares of Equinox Gold during the 2nd quarter worth about $39,385,000. Man Group plc acquired a new stake in Equinox Gold in the 2nd quarter valued at about $31,528,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Equinox Gold in the 2nd quarter valued at about $24,802,000. Institutional investors and hedge funds own 38.85% of the company’s stock.

Equinox Gold Trading Down 0.2%

Shares of Equinox Gold stock opened at $11.04 on Thursday. The firm’s 50-day moving average price is $11.99 and its two-hundred day moving average price is $11.84. The company has a market capitalization of $12.89 billion, a price-to-earnings ratio of 13.32 and a beta of 1.32. The company has a quick ratio of 0.77, a current ratio of 1.33 and a debt-to-equity ratio of 0.09. Equinox Gold Corp. has a 12-month low of $8.48 and a 12-month high of $18.96.

Equinox Gold (NYSEAMERICAN:EQX) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Equinox Gold had a net margin of 26.30% and a return on equity of 10.91%. The business 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 company’s revenue for the quarter was up 60.8% on a year-over-year basis. On average, analysts forecast that Equinox Gold Corp. will post 1.02 earnings per share for the current fiscal year.

Equinox Gold Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a dividend yield of 0.8%. This is a boost from Equinox Gold’s previous quarterly dividend of $0.0150. The ex-dividend date was Wednesday, August 19th. Equinox Gold’s dividend payout ratio (DPR) is currently 16.67%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on EQX shares. Scotiabank reissued an “outperform” rating on shares of Equinox Gold in a report on Friday, August 7th. Zacks Research cut shares of Equinox Gold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their price objective on Equinox Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Equinox Gold in a report on Friday, October 16th. Finally, TD Securities reiterated a “buy” rating on shares of Equinox Gold in a research report on Thursday, September 17th. One 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $14.00.

Equinox Gold 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.