Bank of New York Mellon Corp Cuts Holdings in Barrick Gold Corp (NYSE:GOLD)

Bank of New York Mellon Corp lessened its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,495,505 shares of the gold and copper producer’s stock after selling 48,171 shares during the quarter. Bank of New York Mellon Corp owned about 0.09% of Barrick Gold worth $24,945,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Clean Yield Group purchased a new position in Barrick Gold in the first quarter worth about $25,000. Principal Securities Inc. bought a new position in shares of Barrick Gold during the 4th quarter valued at approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in Barrick Gold by 175.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after buying an additional 1,143 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in Barrick Gold in the second quarter worth $32,000. Finally, LRI Investments LLC purchased a new position in Barrick Gold during the first quarter worth $37,000. Institutional investors own 62.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on GOLD shares. Jefferies Financial Group upped their price target on shares of Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, July 12th. Scotiabank increased their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, August 29th. Finally, CIBC increased their target price on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

Barrick Gold Stock Down 1.4 %

Shares of Barrick Gold stock opened at $19.32 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49. The stock has a market cap of $33.86 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 0.51 and a beta of 0.51. The firm’s 50-day moving average is $18.55 and its two-hundred day moving average is $17.20. Barrick Gold Corp has a 1 year low of $13.76 and a 1 year high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. As a group, research analysts expect that Barrick Gold Corp will post 1.21 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

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.