Granite Bay Wealth Management LLC Buys New Position in Barrick Gold Corp (NYSE:GOLD)

Granite Bay Wealth Management LLC bought a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 2nd quarter, HoldingsChannel reports. The firm bought 20,475 shares of the gold and copper producer’s stock, valued at approximately $348,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital International Investors increased its stake in 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 acquiring an additional 823,330 shares during the last quarter. Optiver Holding B.V. purchased a new stake in Barrick Gold in the fourth quarter worth approximately $46,000. Capital International Sarl lifted its holdings in shares of Barrick Gold by 0.8% in the 4th quarter. Capital International Sarl now owns 142,723 shares of the gold and copper producer’s stock worth $2,582,000 after acquiring an additional 1,109 shares during the last quarter. Capital World Investors boosted its stake in shares of Barrick Gold by 16.4% in the 4th 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 in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in shares of Barrick Gold by 1.3% in the 4th quarter. Crossmark Global Holdings Inc. now owns 79,523 shares of the gold and copper producer’s stock valued at $1,438,000 after acquiring an additional 1,053 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on GOLD. Scotiabank boosted 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 upped their price target on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Raymond James cut their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Jefferies Financial Group upped 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. Finally, Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, August 29th. One investment 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Stock Up 2.1 %

Shares of NYSE:GOLD opened at $20.30 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.21. The firm has a market capitalization of $35.58 billion, a P/E ratio of 24.76, a P/E/G ratio of 0.49 and a beta of 0.55. The stock has a 50 day moving average price of $19.45 and a 200-day moving average price of $17.88.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. As a group, equities research analysts anticipate that Barrick Gold Corp will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Barrick Gold 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.