Cardinal Point Capital Management ULC Takes Position in Barrick Mining Corporation $B

Cardinal Point Capital Management ULC bought a new stake in Barrick Mining Corporation (NYSE:B) (TSE:ABX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,525 shares of the gold and copper producer’s stock, valued at approximately $447,000.

Several other hedge funds have also recently made changes to their positions in the company. Smith Group Asset Management LLC acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $1,666,000. Moser Wealth Advisors LLC acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $115,000. Bleakley Financial Group LLC acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $635,000. Forum Financial Management LP acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $237,000. Finally, D.A. Davidson & CO. acquired a new position in shares of Barrick Mining in the 2nd quarter valued at $2,287,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Barrick Mining Price Performance

Shares of B opened at $32.51 on Friday. Barrick Mining Corporation has a fifty-two week low of $15.11 and a fifty-two week high of $36.40. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The company has a market capitalization of $55.35 billion, a P/E ratio of 20.44, a P/E/G ratio of 0.40 and a beta of 0.30. The business’s 50-day moving average is $30.59 and its two-hundred day moving average is $23.92.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting analysts’ consensus estimates of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The firm had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.60 billion. During the same period last year, the firm earned $0.32 EPS. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Research analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $0.15 per share. The ex-dividend date was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.8%. Barrick Mining’s dividend payout ratio (DPR) is 37.74%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on B. Sanford C. Bernstein reissued an “outperform” rating on shares of Barrick Mining in a research report on Wednesday, September 24th. CIBC increased their price target on Barrick Mining from $38.00 to $50.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. UBS Group increased their price target on Barrick Mining from $35.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Zacks Research downgraded Barrick Mining from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

Barrick Mining Profile

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.