Principal Financial Group Inc. Sells 438,148 Shares of Barrick Mining Corporation (NYSE:B)

Principal Financial Group Inc. decreased its holdings in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) by 81.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,313 shares of the gold and copper producer’s stock after selling 438,148 shares during the period. Principal Financial Group Inc.’s holdings in Barrick Mining were worth $1,889,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its stake in Barrick Mining by 16.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 19,198 shares of the gold and copper producer’s stock worth $298,000 after purchasing an additional 2,759 shares during the last quarter. Madison Investment Advisors LLC bought a new stake in Barrick Mining in the 4th quarter worth approximately $9,757,000. Magnetar Financial LLC boosted its stake in Barrick Mining by 45.8% in the fourth quarter. Magnetar Financial LLC now owns 25,005 shares of the gold and copper producer’s stock worth $388,000 after buying an additional 7,849 shares in the last quarter. Northwest & Ethical Investments L.P. grew its position in Barrick Mining by 79.1% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 125,425 shares of the gold and copper producer’s stock valued at $1,941,000 after acquiring an additional 55,375 shares during the last quarter. Finally, Lee Danner & Bass Inc. bought a new position in shares of Barrick Mining during the 4th quarter valued at $121,000. Institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

B has been the subject of a number of analyst reports. BMO Capital Markets initiated coverage on Barrick Mining in a research note on Wednesday, April 16th. They set a “market perform” rating for the company. CIBC upped their price objective on Barrick Mining from $24.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday. UBS Group increased their price target on Barrick Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, April 11th. Scotiabank increased their price target on Barrick Mining from $20.00 to $22.00 and gave the company a “sector perform” rating in a report on Monday, April 14th. Finally, National Bankshares restated an “outperform” rating on shares of Barrick Mining in a research note on Wednesday, April 2nd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.41.

Barrick Mining Stock Down 0.4%

Shares of NYSE B opened at $20.72 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.87 and a quick ratio of 2.16. The company has a market cap of $35.35 billion, a P/E ratio of 15.58, a PEG ratio of 0.33 and a beta of 0.28. Barrick Mining Corporation has a 1 year low of $17.41 and a 1 year high of $47.50. The firm has a 50-day simple moving average of $20.17 and a two-hundred day simple moving average of $18.76.

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. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $3.15 billion. Barrick Mining had a net margin of 17.46% and a return on equity of 7.51%. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.19 earnings per share. Research analysts anticipate that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, May 30th. Barrick Mining’s dividend payout ratio (DPR) is presently 30.08%.

Barrick Mining 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.