Bank of New York Mellon Corp Lowers Stake in Barrick Mining Corporation (NYSE:B)

Bank of New York Mellon Corp lowered its holdings in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,548,085 shares of the gold and copper producer’s stock after selling 39,062 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Barrick Mining worth $30,095,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Barrick Mining by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 68,358,533 shares of the gold and copper producer’s stock worth $1,060,036,000 after acquiring an additional 1,195,585 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Barrick Mining by 17.5% in the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock worth $996,802,000 after acquiring an additional 9,598,292 shares during the last quarter. Capital International Investors lifted its position in Barrick Mining by 136.1% in the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer’s stock worth $516,055,000 after purchasing an additional 19,189,830 shares during the period. Mackenzie Financial Corp lifted its position in Barrick Mining by 1.9% in the fourth quarter. Mackenzie Financial Corp now owns 15,318,376 shares of the gold and copper producer’s stock worth $237,280,000 after purchasing an additional 278,292 shares during the period. Finally, Causeway Capital Management LLC bought a new position in shares of Barrick Mining during the fourth quarter valued at $172,225,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Mining Trading Down 1.1%

Shares of Barrick Mining stock opened at $21.02 on Wednesday. Barrick Mining Corporation has a 1-year low of $17.41 and a 1-year high of $47.50. The stock has a market cap of $35.85 billion, a P/E ratio of 15.80, a P/E/G ratio of 0.34 and a beta of 0.28. The stock’s 50 day simple moving average is $20.06 and its 200-day simple moving average is $18.67. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.87 and a quick ratio of 2.16.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Barrick Mining had a net margin of 17.46% and a return on equity of 7.51%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the firm posted $0.19 earnings per share. The company’s revenue was up 13.9% compared to the same quarter last year. Analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.40 annualized dividend and a yield of 1.90%. Barrick Mining’s dividend payout ratio is currently 30.08%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on B shares. Citigroup lowered their price objective on Barrick Mining from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, March 31st. CIBC boosted their target price on Barrick Mining from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday. Wall Street Zen upgraded Barrick Mining from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. Stifel Canada upgraded Barrick Mining to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Scotiabank increased their price target on Barrick Mining from $20.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.41.

About Barrick Mining

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.