Northwestern Mutual Wealth Management Co. Boosts Stake in Barrick Gold Corp (NYSE:GOLD)

Northwestern Mutual Wealth Management Co. lifted its holdings in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,999 shares of the gold and copper producer’s stock after purchasing an additional 731 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Barrick Gold were worth $650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of GOLD. NewEdge Advisors LLC increased its position in Barrick Gold by 61.0% during the second quarter. NewEdge Advisors LLC now owns 164,352 shares of the gold and copper producer’s stock valued at $2,741,000 after acquiring an additional 62,271 shares during the last quarter. Coastal Bridge Advisors LLC increased its position in Barrick Gold by 8.3% during the second quarter. Coastal Bridge Advisors LLC now owns 12,991 shares of the gold and copper producer’s stock valued at $217,000 after acquiring an additional 1,000 shares during the last quarter. Creative Planning increased its position in Barrick Gold by 25.6% during the second quarter. Creative Planning now owns 108,493 shares of the gold and copper producer’s stock valued at $1,810,000 after acquiring an additional 22,103 shares during the last quarter. EdgePoint Investment Group Inc. increased its position in Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Barrick Gold by 24.8% during the second quarter. AQR Capital Management LLC now owns 43,901 shares of the gold and copper producer’s stock valued at $732,000 after acquiring an additional 8,712 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on GOLD. CIBC upped their price objective on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Scotiabank upped their price target 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. Raymond James reduced their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Jefferies Financial Group upped their price target on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.67.

Barrick Gold Stock Performance

NYSE GOLD opened at $19.89 on Tuesday. The firm has a market cap of $34.86 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $19.57 and a 200-day moving average price of $17.97. Barrick Gold Corp has a twelve month low of $13.76 and a twelve month high of $21.21.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $3.13 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Barrick Gold Corp will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Friday, August 30th. Barrick Gold’s payout ratio is presently 48.78%.

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.