Sound Shore Management Inc. CT Increases Stock Position in Barrick Gold Corp (NYSE:GOLD)

Sound Shore Management Inc. CT increased its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 48.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,455,551 shares of the gold and copper producer’s stock after buying an additional 1,449,862 shares during the period. Barrick Gold comprises approximately 2.5% of Sound Shore Management Inc. CT’s holdings, making the stock its 25th biggest holding. Sound Shore Management Inc. CT’s holdings in Barrick Gold were worth $74,319,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Clean Yield Group acquired a new position in shares of Barrick Gold in the first quarter worth about $25,000. Principal Securities Inc. purchased a new position in shares of Barrick Gold during the 4th quarter valued at approximately $26,000. Crewe Advisors LLC grew its position in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after buying an additional 1,143 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold in the second quarter worth $32,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Performance

Shares of GOLD opened at $20.39 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.01. Barrick Gold Corp has a 1 year low of $13.76 and a 1 year high of $21.13. The firm has a fifty day moving average of $19.20 and a 200-day moving average of $17.62. The company has a market cap of $35.74 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. Barrick Gold’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 EPS. As a group, equities analysts anticipate that Barrick Gold Corp will post 1.22 earnings per share for the current year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is currently 48.78%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada upped their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank lifted their target price on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Finally, CIBC lifted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $23.30.

Barrick Gold Company 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.