Global Retirement Partners LLC Lowers Holdings in Barrick Gold Corp (NYSE:GOLD)

Global Retirement Partners LLC trimmed its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,991 shares of the gold and copper producer’s stock after selling 711 shares during the period. Global Retirement Partners LLC’s holdings in Barrick Gold were worth $77,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOLD. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Barrick Gold by 221.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Barrick Gold by 33.3% during 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 buying an additional 2,854,055 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Barrick Gold by 2.1% during the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock worth $1,182,641,000 after buying an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Barrick Gold by 2.7% during the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after buying an additional 1,458,084 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Barrick Gold during the 3rd quarter worth $20,379,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Trading Down 0.3 %

NYSE:GOLD opened at $17.74 on Friday. Barrick Gold Corp has a 1-year low of $14.56 and a 1-year high of $21.35. The firm has a market capitalization of $30.63 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $16.61 and a 200 day simple moving average of $18.20.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Sell-side analysts forecast that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, February 28th. Barrick Gold’s dividend payout ratio is currently 32.52%.

Barrick Gold declared that its Board of Directors has approved a stock buyback program on Wednesday, February 12th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the gold and copper producer to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Scotiabank lifted their price target on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 18th. Citigroup lowered their price target on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Bank of America downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $18.00 in a research report on Monday, January 27th. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Finally, Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.75.

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.