Rathbones Group PLC has announced a significant reduction in its holdings of Equinox Gold Corp., decreasing its stake by 34.1% during the third quarter of 2023. The latest filing with the Securities and Exchange Commission reveals that Rathbones now owns 72,526 shares of Equinox Gold, following the sale of 37,467 shares in that period. The total value of Rathbones’ investment in Equinox Gold stands at approximately $812,000.
A number of other institutional investors have also adjusted their positions in Equinox Gold recently. Ruffer LLP, for instance, increased its stake by 15.4% during the same quarter, now holding 8,651,889 shares valued at $96,992,000 after acquiring an additional 1,152,288 shares. Meanwhile, Y Intercept Hong Kong Ltd has entered the market with a new position worth approximately $6,991,000.
Maple Rock Capital Partners Inc. raised its holdings in Equinox Gold by an impressive 102.1% during the second quarter, now owning 14,308,748 shares valued at $82,398,000. Allspring Global Investments Holdings LLC also increased its stake by 70.7% in the third quarter, bringing its total to 941,985 shares valued at $10,550,000. Additionally, Integrated Advisors Network LLC purchased a new stake valued at around $1,111,000.
Currently, institutional investors collectively own 38.85% of Equinox Gold’s outstanding shares.
Analyst Ratings and Market Performance
Equinox Gold has attracted attention from several financial analysts. Canadian Imperial Bank of Commerce recently upgraded the stock from a “hold” rating to a “strong-buy” rating. Scotiabank also reaffirmed an “outperform” rating, contributing to a generally positive outlook. As of now, two investment analysts have rated Equinox Gold with a “strong buy,” five have assigned it a “buy,” and one has issued a “hold” rating. MarketBeat.com reports that the stock has an average rating of “buy” and a target price of $17.00.
On March 26, 2024, Equinox Gold’s shares 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 seen a 52-week range from a low of $5.59 to a high of $18.96. Financial metrics indicate a debt-to-equity ratio of 0.24, a current ratio of 1.56, and a quick ratio of 1.27.
Dividend Announcement
In addition to the changes in stakeholder positions and market performance, Equinox Gold also announced a quarterly dividend, set to be paid on March 26, 2024. Investors on record as of March 12, 2024, will receive a dividend of $0.015 per share, translating to an annualized dividend of $0.06 and a yield of 0.4%. The ex-dividend date is also March 12, 2024.
Equinox Gold Corp., headquartered in Vancouver, British Columbia, focuses on the acquisition, development, and operation of gold properties, emphasizing open-pit heap leach mining. The company has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio, balancing production and growth while adhering to stringent safety and environmental standards.
