Gabelli Funds LLC Sells 380,900 Shares of Barrick Gold Corp (NYSE:GOLD)

Gabelli Funds LLC decreased its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 13.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,390,199 shares of the gold and copper producer’s stock after selling 380,900 shares during the period. Gabelli Funds LLC’s holdings in Barrick Gold were worth $39,869,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wellington Management Group LLP raised its position in shares of Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after purchasing an additional 37,128,653 shares during the period. Vanguard Group Inc. raised its position in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after purchasing an additional 1,089,572 shares during the period. First Eagle Investment Management LLC raised its position in shares of Barrick Gold by 31.6% in the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after purchasing an additional 14,138,639 shares during the period. Capital World Investors raised its position in shares of Barrick Gold by 16.4% in the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after purchasing an additional 6,417,244 shares during the period. Finally, Capital International Investors raised its position in shares of Barrick Gold by 4.7% in the fourth quarter. Capital International Investors now owns 18,242,364 shares of the gold and copper producer’s stock valued at $330,004,000 after purchasing an additional 823,330 shares during the period. Institutional investors own 62.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GOLD. Argus raised shares of 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. Scotiabank boosted their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Jefferies Financial Group boosted their price objective 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. CIBC boosted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada boosted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.30.

Barrick Gold Price Performance

GOLD stock opened at $20.38 on Friday. 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 one year low of $13.76 and a one year high of $21.13. The stock has a market cap of $35.72 billion, a PE ratio of 24.85, a P/E/G ratio of 0.49 and a beta of 0.55. The firm has a 50 day simple moving average of $19.20 and a two-hundred day simple moving average of $17.64.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly 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. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the previous year, the company earned $0.19 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, analysts predict 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. Stockholders of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.96%. Barrick Gold’s payout ratio is 48.78%.

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.