Barrick Gold Corp (NYSE:B) Holdings Cut by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC reduced its stake in Barrick Gold Corp (NYSE:B) (TSE:ABX) by 30.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 193,170 shares of the gold and copper producer’s stock after selling 85,547 shares during the period. Gateway Investment Advisers LLC’s holdings in Barrick Gold were worth $3,755,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Crowley Wealth Management Inc. bought a new stake in shares of Barrick Gold in the 4th quarter worth approximately $26,000. Vega Investment Solutions acquired a new stake in Barrick Gold in the fourth quarter worth $31,000. Nexus Investment Management ULC bought a new stake in Barrick Gold in the first quarter valued at $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Barrick Gold during the fourth quarter valued at $37,000. Finally, Ameriflex Group Inc. bought a new position in shares of Barrick Gold during the fourth quarter worth about $39,000. 90.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on B. National Bankshares reissued an “outperform” rating on shares of Barrick Gold in a research note on Wednesday, April 2nd. TD Securities reduced their price objective on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. BMO Capital Markets started coverage on Barrick Gold in a report on Wednesday, April 16th. They issued a “market perform” rating for the company. National Bank Financial raised Barrick Gold to a “hold” rating in a research note on Friday, March 21st. Finally, Wall Street Zen upgraded Barrick Gold from a “buy” rating to a “strong-buy” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold has an average rating of “Moderate Buy” and a consensus target price of $24.32.

Barrick Gold Trading Down 1.0%

Shares of Barrick Gold stock opened at $19.83 on Friday. The business has a fifty day simple moving average of $19.08 and a 200-day simple moving average of $17.88. Barrick Gold Corp has a fifty-two week low of $17.41 and a fifty-two week high of $47.50. The firm has a market cap of $34.10 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 0.44 and a beta of 0.27. 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 (NYSE:B) (TSE:ABX) last issued its quarterly earnings results 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 firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the previous year, the business earned $0.19 earnings per share. Barrick Gold’s revenue for the quarter was up 13.9% compared to the same quarter last year. On average, equities analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold declared that its board has initiated a stock buyback plan on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold’s dividend payout ratio is presently 30.08%.

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.