CIBC Asset Management Inc Reduces Position in Barrick Gold Corp (NYSE:GOLD)

CIBC Asset Management Inc reduced its holdings in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 52.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,650,384 shares of the gold and copper producer’s stock after selling 7,293,239 shares during the period. CIBC Asset Management Inc owned approximately 0.39% of Barrick Gold worth $103,263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Exchange Traded Concepts LLC increased its stake in shares of Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after acquiring an additional 935 shares during the last quarter. Eastern Bank acquired a new stake in shares of Barrick Gold during the 3rd quarter worth approximately $32,000. JFS Wealth Advisors LLC lifted its holdings in Barrick Gold by 451.7% in the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after acquiring an additional 1,563 shares during the last quarter. AlphaMark Advisors LLC acquired a new stake in Barrick Gold during the third quarter worth $60,000. Finally, BNP Paribas raised its position in Barrick Gold by 221.7% in the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after purchasing an additional 2,113 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Wall Street Analyst Weigh In

GOLD has been the topic of several research analyst reports. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Berenberg Bank increased their price objective on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the company from $21.00 to $18.00 in a research report on Monday, January 27th. Finally, Raymond James lowered their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.67.

Barrick Gold Price Performance

GOLD stock opened at $17.96 on Monday. The business’s 50-day moving average is $16.25 and its two-hundred day moving average is $18.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The firm has a market capitalization of $31.01 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.39 and a beta of 0.55. Barrick Gold Corp has a 1 year low of $14.25 and a 1 year high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Analysts anticipate that Barrick Gold Corp will post 1.23 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Barrick Gold announced that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.