Principal Financial Group Inc. Has $7.68 Million Stock Position in Barrick Gold Corp (NYSE:GOLD)

Principal Financial Group Inc. decreased its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 414,029 shares of the gold and copper producer’s stock after selling 6,956 shares during the quarter. Principal Financial Group Inc.’s holdings in Barrick Gold were worth $7,676,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fairfield Bush & CO. acquired a new stake in shares of Barrick Gold in the first quarter valued at approximately $42,000. Acadian Asset Management LLC acquired a new position in shares of Barrick Gold during the 1st quarter worth about $647,000. Blair William & Co. IL increased its stake in shares of Barrick Gold by 288.8% during the 1st quarter. Blair William & Co. IL now owns 90,896 shares of the gold and copper producer’s stock worth $2,230,000 after purchasing an additional 67,516 shares during the last quarter. Sei Investments Co. increased its stake in shares of Barrick Gold by 97.2% during the 1st quarter. Sei Investments Co. now owns 230,278 shares of the gold and copper producer’s stock worth $5,651,000 after purchasing an additional 113,486 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Barrick Gold by 17.7% during the 1st quarter. Allianz Asset Management GmbH now owns 1,007,571 shares of the gold and copper producer’s stock worth $24,620,000 after purchasing an additional 151,763 shares during the last quarter. Institutional investors and hedge funds own 55.45% of the company’s stock.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $16.35 on Thursday. The business’s 50-day moving average price is $16.67 and its 200-day moving average price is $13.81. Barrick Gold Corp has a 12 month low of $13.01 and a 12 month high of $20.75. The firm has a market capitalization of $28.70 billion, a price-to-earnings ratio of -408.75, a PEG ratio of 9.80 and a beta of 0.36. The company has a current ratio of 2.71, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Tuesday, August 8th. The gold and copper producer reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Barrick Gold had a net margin of 1.06% and a return on equity of 3.46%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the firm posted $0.24 EPS. Equities research analysts forecast that Barrick Gold Corp will post 0.98 EPS for the current year.

Barrick Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, August 30th. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.45%. Barrick Gold’s dividend payout ratio is currently -1,000.00%.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOLD. Cormark raised Barrick Gold from a “market perform” rating to a “buy” rating in a report on Wednesday, August 9th. CSFB decreased their price target on shares of Barrick Gold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, August 17th. Finally, Laurentian decreased their price target on shares of Barrick Gold from C$5.00 to C$4.70 in a research note on Thursday, May 4th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.79.

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.