Maryland State Retirement & Pension System Takes Position in Barrick Mining Corporation $B

Maryland State Retirement & Pension System acquired a new stake in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 562,888 shares of the gold and copper producer’s stock, valued at approximately $11,728,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Penserra Capital Management LLC increased its stake in shares of Barrick Mining by 1,919.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer’s stock valued at $56,000 after acquiring an additional 2,821 shares during the last quarter. Hedges Asset Management LLC acquired a new position in shares of Barrick Mining during the 2nd quarter valued at about $1,249,000. Chemistry Wealth Management LLC acquired a new position in shares of Barrick Mining during the 2nd quarter valued at about $246,000. Sequoia Financial Advisors LLC increased its stake in shares of Barrick Mining by 24.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer’s stock valued at $404,000 after acquiring an additional 4,082 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Barrick Mining by 25.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer’s stock worth $5,663,000 after purchasing an additional 59,906 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on B shares. Zacks Research cut Barrick Mining from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. CIBC reiterated an “outperform” rating on shares of Barrick Mining in a report on Monday, September 22nd. National Bank Financial upgraded Barrick Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, September 22nd. Sanford C. Bernstein reiterated an “outperform” rating on shares of Barrick Mining in a report on Wednesday, September 24th. Finally, TD Securities boosted their target price on Barrick Mining from $38.00 to $46.00 and gave the stock a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.22.

Barrick Mining Stock Up 2.0%

NYSE B opened at $33.90 on Thursday. The stock has a market cap of $57.72 billion, a PE ratio of 21.32, a P/E/G ratio of 0.55 and a beta of 0.30. Barrick Mining Corporation has a fifty-two week low of $15.11 and a fifty-two week high of $36.10. The business has a 50 day moving average price of $28.12 and a two-hundred day moving average price of $22.74. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. The firm had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.Barrick Mining’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. As a group, sell-side analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 29th. Barrick Mining’s dividend payout ratio is 37.74%.

Barrick Mining Company 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.