Bank of New York Mellon Corp Grows Position in Barrick Gold Corp (NYSE:GOLD)

Bank of New York Mellon Corp boosted its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,587,147 shares of the gold and copper producer’s stock after purchasing an additional 54,182 shares during the quarter. Bank of New York Mellon Corp owned about 0.09% of Barrick Gold worth $24,601,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Barrick Gold by 19.9% in the third quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock valued at $9,630,000 after purchasing an additional 80,366 shares during the period. Mizuho Markets Americas LLC grew its holdings in Barrick Gold by 21.7% in the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock valued at $46,097,000 after purchasing an additional 413,012 shares during the period. Entropy Technologies LP purchased a new stake in Barrick Gold in the third quarter valued at approximately $3,711,000. Aigen Investment Management LP grew its holdings in Barrick Gold by 330.5% in the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after purchasing an additional 76,186 shares during the period. Finally, Crocodile Capital Partners GmbH grew its holdings in Barrick Gold by 97.3% in the fourth quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock valued at $22,630,000 after purchasing an additional 720,000 shares during the period. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on GOLD. Bank of America downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $18.00 in a report on Monday, January 27th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. TD Securities reduced their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Finally, Citigroup reduced their price target on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold Trading Up 0.8 %

NYSE GOLD opened at $18.61 on Monday. The company’s fifty day simple moving average is $16.86 and its 200-day simple moving average is $18.12. Barrick Gold Corp has a 52 week low of $15.11 and a 52 week high of $21.35. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. The stock has a market cap of $32.13 billion, a P/E ratio of 15.13, a PEG ratio of 0.44 and a beta of 0.58.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. Equities research analysts predict that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.10 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.40 annualized dividend and a yield of 2.15%. Barrick Gold’s dividend payout ratio is presently 32.52%.

Barrick Gold announced that its board has initiated a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.