Barrick Gold (NYSE:GOLD) Cut to Hold at Cibc World Mkts

Cibc World Mkts downgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Several other brokerages also recently commented on GOLD. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. TD Securities lowered their price target on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, Raymond James lowered their price target on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.91.

Barrick Gold Stock Up 0.1 %

Shares of GOLD opened at $17.58 on Monday. Barrick Gold has a one year low of $13.76 and a one year high of $21.35. The company has a market cap of $30.73 billion, a P/E ratio of 18.90, a P/E/G ratio of 0.42 and a beta of 0.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The firm has a 50 day simple moving average of $19.31 and a two-hundred day simple moving average of $18.53.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently made changes to their positions in GOLD. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Barrick Gold by 221.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after purchasing an additional 6,904,934 shares in the last quarter. EdgePoint Investment Group Inc. raised its holdings in shares of Barrick Gold by 38.8% in the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after acquiring an additional 5,080,510 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Barrick Gold by 4,713.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after acquiring an additional 4,058,351 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new stake in shares of Barrick Gold in the 2nd quarter worth about $66,820,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after acquiring an additional 2,854,055 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

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.