Brandywine Global Investment Management LLC lowered its holdings in Barrick Gold Corp (NYSE:GOLD – Free Report) (TSE:ABX) by 22.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 127,777 shares of the gold and copper producer’s stock after selling 36,830 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Barrick Gold were worth $2,372,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in GOLD. Vanguard Group Inc. lifted its holdings in shares of Barrick Gold by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 56,601,028 shares of the gold and copper producer’s stock valued at $1,388,423,000 after purchasing an additional 1,379,254 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Barrick Gold by 13.9% in the first quarter. BlackRock Inc. now owns 42,464,736 shares of the gold and copper producer’s stock valued at $788,570,000 after acquiring an additional 5,188,456 shares during the period. Wellington Management Group LLP grew its position in shares of Barrick Gold by 5.5% during the first quarter. Wellington Management Group LLP now owns 22,645,257 shares of the gold and copper producer’s stock worth $420,218,000 after acquiring an additional 1,174,419 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Barrick Gold by 6.3% in the 4th quarter. Mackenzie Financial Corp now owns 21,129,740 shares of the gold and copper producer’s stock valued at $361,616,000 after acquiring an additional 1,254,531 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Barrick Gold by 11.2% in the 1st quarter. Ameriprise Financial Inc. now owns 19,009,633 shares of the gold and copper producer’s stock valued at $354,001,000 after purchasing an additional 1,912,963 shares during the last quarter. Institutional investors and hedge funds own 58.20% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. BMO Capital Markets lifted their price objective on shares of Barrick Gold from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, September 13th. Cormark raised Barrick Gold from a “market perform” rating to a “buy” rating in a research note on Wednesday, August 9th. Finally, CSFB lowered their target price on Barrick Gold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, August 17th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.48.
Barrick Gold Trading Up 1.9 %
Shares of GOLD opened at $16.64 on Monday. The firm’s 50-day moving average is $16.54 and its two-hundred day moving average is $14.05. Barrick Gold Corp has a twelve month low of $13.01 and a twelve month high of $20.75. The company has a current ratio of 2.71, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $29.21 billion, a P/E ratio of -416.00, a PEG ratio of 9.80 and a beta of 0.38.
Barrick Gold (NYSE:GOLD – Get Free Report) (TSE:ABX) last released its quarterly earnings results on Tuesday, August 8th. The gold and copper producer reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Barrick Gold had a return on equity of 3.46% and a net margin of 1.06%. During the same quarter in the prior year, the firm posted $0.24 EPS. On average, research analysts predict that Barrick Gold Corp will post 0.98 earnings per share for the current fiscal year.
Barrick Gold Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Wednesday, August 30th. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s payout ratio is -1,000.00%.
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.
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