CIBC Asset Management Inc Reduces Holdings in Barrick Gold Corp (NYSE:GOLD)

CIBC Asset Management Inc cut its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 52.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,650,384 shares of the gold and copper producer’s stock after selling 7,293,239 shares during the quarter. CIBC Asset Management Inc’s holdings in Barrick Gold were worth $103,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in GOLD. Greenleaf Trust boosted its stake in Barrick Gold by 2.1% during the 3rd quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after purchasing an additional 540 shares during the period. Moors & Cabot Inc. raised its holdings in shares of Barrick Gold by 0.9% in the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after buying an additional 579 shares during the last quarter. Chelsea Counsel Co. grew its holdings in shares of Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after buying an additional 590 shares during the last quarter. Avior Wealth Management LLC raised its stake in Barrick Gold by 24.1% during the 3rd quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock valued at $68,000 after acquiring an additional 659 shares during the last quarter. Finally, Whitener Capital Management Inc. lifted its position in Barrick Gold by 0.9% during the 3rd quarter. Whitener Capital Management Inc. now owns 73,185 shares of the gold and copper producer’s stock worth $1,456,000 after acquiring an additional 675 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Raymond James cut their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. TD Securities reduced their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, Citigroup dropped their target price on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Barrick Gold has a consensus rating of “Moderate Buy” and an average price target of $23.67.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $17.96 on Monday. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $16.25 and its 200 day moving average price is $18.17. Barrick Gold Corp has a 52 week low of $14.25 and a 52 week high of $21.35. The stock has a market cap of $31.01 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.39 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. As a group, research analysts forecast that Barrick Gold Corp will post 1.23 earnings per share for the current fiscal year.

Barrick Gold declared that its board has initiated a share buyback plan on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.23%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

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.