Letko Brosseau & Associates Inc. Makes New Investment in Barrick Gold Corp (NYSE:GOLD)

Letko Brosseau & Associates Inc. acquired a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,006,700 shares of the gold and copper producer’s stock, valued at approximately $66,820,000.

Several other large investors have also modified their holdings of the stock. Principal Securities Inc. purchased a new stake in shares of Barrick Gold during the fourth quarter valued at $26,000. Clean Yield Group purchased a new stake in Barrick Gold during the first quarter valued at about $25,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Barrick Gold by 175.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after buying an additional 1,143 shares during the period. Crewe Advisors LLC increased its position in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold during the second quarter valued at approximately $32,000. 62.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GOLD. Jefferies Financial Group lifted their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. CIBC lifted their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank increased their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Finally, Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

Barrick Gold Stock Down 2.4 %

Shares of Barrick Gold stock traded down $0.46 during trading on Friday, hitting $19.00. 14,853,301 shares of the stock traded hands, compared to its average volume of 21,523,914. The company has a fifty day moving average price of $18.65 and a two-hundred day moving average price of $17.24. Barrick Gold Corp has a twelve month low of $13.76 and a twelve month high of $20.89. The stock has a market cap of $33.30 billion, a P/E ratio of 23.17, a PEG ratio of 0.51 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the firm posted $0.19 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts predict that Barrick Gold Corp will post 1.21 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.11%. The ex-dividend date is Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

About Barrick Gold

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.