Barrick Gold Corp (NYSE:GOLD) Shares Acquired by Cedar Wealth Management LLC

Cedar Wealth Management LLC lifted its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 88.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 71,640 shares of the gold and copper producer’s stock after acquiring an additional 33,637 shares during the quarter. Cedar Wealth Management LLC’s holdings in Barrick Gold were worth $1,195,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. 1832 Asset Management L.P. raised its holdings in Barrick Gold by 19.2% in the fourth quarter. 1832 Asset Management L.P. now owns 1,051,755 shares of the gold and copper producer’s stock valued at $19,026,000 after acquiring an additional 169,350 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Barrick Gold by 0.9% in the 4th quarter. Corient Private Wealth LLC now owns 123,651 shares of the gold and copper producer’s stock valued at $2,237,000 after purchasing an additional 1,066 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of Barrick Gold during the 1st quarter worth $235,000. RFG Advisory LLC grew its stake in shares of Barrick Gold by 87.0% during the first quarter. RFG Advisory LLC now owns 41,002 shares of the gold and copper producer’s stock worth $682,000 after purchasing an additional 19,077 shares in the last quarter. Finally, Financial Sense Advisors Inc. increased its holdings in Barrick Gold by 142.1% in the first quarter. Financial Sense Advisors Inc. now owns 826,507 shares of the gold and copper producer’s stock valued at $13,753,000 after buying an additional 485,077 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Up 0.9 %

Shares of NYSE:GOLD opened at $20.24 on Friday. The company has a market cap of $35.48 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 0.49 and a beta of 0.55. Barrick Gold Corp has a fifty-two week low of $13.76 and a fifty-two week high of $21.13. The firm’s 50-day simple moving average is $19.16 and its 200-day simple moving average is $17.59. The company has a quick ratio of 2.49, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

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

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GOLD. Scotiabank upped their price objective 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. CIBC increased their price target 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. Jefferies Financial Group boosted their price objective 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. Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Finally, Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.30.

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.