Rathbones Group PLC has reduced its holdings in Equinox Gold Corp. (NYSEAMERICAN:EQX) by 34.1% during the third quarter of 2023, as revealed in a recent filing with the Securities and Exchange Commission (SEC). Following the sale of 37,467 shares, Rathbones now owns a total of 72,526 shares, valued at approximately $812,000.
Several institutional investors have also adjusted their positions in Equinox Gold. Ruffer LLP has increased its stake by 15.4%, now holding 8,651,889 shares valued at $96.99 million after acquiring an additional 1,152,288 shares in the same quarter. Y Intercept Hong Kong Ltd has entered the market with a new position valued at around $6.99 million.
Maple Rock Capital Partners Inc. has raised its holdings by an impressive 102.1% during the preceding quarter, now owning 14,308,748 shares worth $82.4 million. Furthermore, Allspring Global Investments Holdings LLC has increased its stake by 70.7%, now holding 941,985 shares valued at approximately $10.55 million. Integrated Advisors Network LLC also acquired a new stake during this period, valued at about $1.11 million. Overall, institutional investors own 38.85% of Equinox Gold’s stock.
Analyst Ratings Shift in Favor of Equinox Gold
Recent analyst reports have shown a positive shift in ratings for Equinox Gold. The Canadian Imperial Bank of Commerce upgraded the stock from a “hold” to a “strong-buy” rating on February 23, 2024. Scotiabank and BMO Capital Markets have reiterated their “outperform” ratings, while Stifel Nicolaus initiated coverage with a “buy” rating. According to MarketBeat.com, the stock has received two “strong buy” ratings, five “buy” ratings, and one “hold” rating, leading to an average rating of “buy” with a target price of $17.00.
Equinox Gold’s Market Performance and Dividend Announcement
As of the latest trading session, shares of Equinox Gold opened at $16.51. The company boasts a market capitalization of $13.01 billion, a price-to-earnings ratio of 68.79, and a beta of 1.20. The stock has experienced a significant range over the past year, with a low of $5.59 and a high of $18.96.
Equinox Gold also recently announced a quarterly dividend of $0.015 per share, set to be paid on March 26, 2024. Investors of record on March 12, 2024 will receive this dividend, resulting in an annualized yield of 0.4%.
Equinox Gold Corp., headquartered in Vancouver, British Columbia, focuses on the acquisition, development, and operation of gold mining properties, primarily through open-pit heap leach mining. The company aims to build a diversified portfolio that emphasizes production growth while adhering to stringent safety and environmental standards.
