Financial Management Professionals Inc. Buys 1,182 Shares of Barrick Gold Corp (NYSE:B)

Financial Management Professionals Inc. grew its stake in Barrick Gold Corp (NYSE:B) (TSE:ABX) by 94.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,433 shares of the gold and copper producer’s stock after acquiring an additional 1,182 shares during the period. Financial Management Professionals Inc.’s holdings in Barrick Gold were worth $47,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new position in shares of Barrick Gold during the 4th quarter worth $26,000. Vega Investment Solutions bought a new position in Barrick Gold during the 4th quarter worth about $31,000. Nexus Investment Management ULC bought a new position in Barrick Gold during the 1st quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Barrick Gold during the fourth quarter valued at approximately $37,000. Finally, Ameriflex Group Inc. bought a new position in shares of Barrick Gold during the fourth quarter valued at approximately $39,000. 90.82% of the stock is currently owned by institutional investors.

Barrick Gold Stock Up 0.2%

B stock opened at $20.13 on Thursday. The firm has a 50 day moving average of $19.06 and a 200 day moving average of $17.84. The stock has a market capitalization of $34.61 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 0.44 and a beta of 0.25. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a 52 week low of $17.41 and a 52 week high of $47.50.

Barrick Gold (NYSE:B) (TSE:ABX) last posted its quarterly earnings data on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the firm posted $0.19 earnings per share. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. Sell-side analysts forecast that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.99%. Barrick Gold’s dividend payout ratio is currently 30.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Scotiabank increased their price objective on shares of Barrick Gold from $20.00 to $22.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. BMO Capital Markets began coverage on Barrick Gold in a research report on Wednesday, April 16th. They set a “market perform” rating on the stock. Royal Bank of Canada raised their price objective on Barrick Gold from $23.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday. Wall Street Zen assumed coverage on Barrick Gold in a research report on Monday, May 12th. They set a “sell” rating on the stock. Finally, UBS Group raised their price target on shares of Barrick Gold from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.32.

About Barrick Gold

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.