Muhlenkamp & Co. Inc. Takes Position in Equinox Gold Corp. $EQX

Muhlenkamp & Co. Inc. bought a new position in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 522,251 shares of the company’s stock, valued at approximately $5,076,000. Equinox Gold accounts for approximately 1.5% of Muhlenkamp & Co. Inc.’s investment portfolio, making the stock its 22nd largest holding.

Several other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada increased its position in Equinox Gold by 232.7% during the 1st quarter. Royal Bank of Canada now owns 558,605 shares of the company’s stock worth $3,843,000 after buying an additional 390,690 shares during the period. Millennium Management LLC bought a new stake in shares of Equinox Gold in the first quarter valued at about $6,883,000. Goldman Sachs Group Inc. boosted its position in shares of Equinox Gold by 35.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,862,225 shares of the company’s stock valued at $12,812,000 after acquiring an additional 490,251 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Equinox Gold by 164.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 780,141 shares of the company’s stock valued at $5,367,000 after acquiring an additional 485,567 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Equinox Gold by 77.5% in the second quarter. Geode Capital Management LLC now owns 356,122 shares of the company’s stock valued at $2,067,000 after acquiring an additional 155,460 shares in the last quarter. 38.85% of the stock is owned by institutional investors and hedge funds.

Equinox Gold Stock Down 3.4%

Shares of NYSEAMERICAN EQX opened at $12.99 on Friday. The stock has a market capitalization of $15.17 billion, a P/E ratio of 12.99 and a beta of 1.27. The stock’s fifty day moving average is $10.47 and its 200 day moving average is $12.86. Equinox Gold Corp. has a 52 week low of $8.24 and a 52 week high of $18.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $769.80 million for the quarter, compared to the consensus estimate of $775.79 million. Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%.The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. Sell-side analysts forecast 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%.

Analysts Set New Price Targets

Several brokerages have weighed in on EQX. Scotiabank reiterated an “outperform” rating on shares of Equinox Gold in a research note on Friday, August 7th. Royal Bank Of Canada decreased their target price on shares of Equinox Gold from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. The Goldman Sachs Group raised shares of Equinox Gold from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Zacks Research downgraded shares of Equinox Gold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Equinox Gold in a research note on Thursday, July 16th. One 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 company. Based on data from MarketBeat.com, Equinox Gold currently has a consensus rating of “Buy” and a consensus target price of $13.00.

Equinox Gold Company 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.