First City Capital Management Inc. Reduces Holdings in Barrick Gold Corp (NYSE:GOLD)

First City Capital Management Inc. reduced its stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 9.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 28,762 shares of the gold and copper producer’s stock after selling 3,050 shares during the quarter. First City Capital Management Inc.’s holdings in Barrick Gold were worth $480,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Clean Yield Group acquired a new stake in shares of Barrick Gold during the 1st quarter worth about $25,000. Principal Securities Inc. purchased a new position in shares of Barrick Gold during the fourth quarter valued at approximately $26,000. Crewe Advisors LLC boosted its position in 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 acquiring an additional 1,572 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Barrick Gold by 175.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after acquiring an additional 1,143 shares during the period. Finally, Jackson Grant Investment Advisers Inc. acquired a new position in Barrick Gold in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $20.38 on Friday. The company has a market capitalization of $35.72 billion, a price-to-earnings ratio of 24.85, a PEG ratio of 0.49 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.49. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $21.13. The business has a 50-day moving average of $19.20 and a 200-day moving average of $17.64.

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

Barrick Gold Announces Dividend

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

Wall Street Analyst Weigh In

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