Wallace Advisory Group LLC Cuts Position in Barrick Gold Corp (NYSE:GOLD)

Wallace Advisory Group LLC reduced its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,026 shares of the gold and copper producer’s stock after selling 586 shares during the period. Wallace Advisory Group LLC’s holdings in Barrick Gold were worth $398,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of GOLD. Clean Yield Group acquired a new position in Barrick Gold in the 1st quarter valued at about $25,000. Crewe Advisors LLC increased its holdings in Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. acquired a new stake in Barrick Gold in the 2nd quarter valued at about $32,000. LRI Investments LLC purchased a new position in shares of Barrick Gold in the 1st quarter valued at about $37,000. Finally, City State Bank grew its position in shares of Barrick Gold by 338.6% during the second quarter. City State Bank now owns 2,500 shares of the gold and copper producer’s stock worth $42,000 after buying an additional 1,930 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Stock Performance

Shares of GOLD traded up $0.26 during mid-day trading on Friday, reaching $20.11. 20,038,452 shares of the company’s stock were exchanged, compared to its average volume of 21,307,180. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The business’s fifty day simple moving average is $19.57 and its 200-day simple moving average is $17.94. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.21. The stock has a market capitalization of $35.25 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share 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 firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts expect that Barrick Gold Corp will post 1.25 earnings per share for the current year.

Barrick Gold Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is presently 48.78%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Argus upgraded 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 note on Thursday, August 29th. CIBC increased their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank lifted their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Royal Bank of Canada increased their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group upped their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.60.

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.