Barrick Gold Corp (NYSE:GOLD) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario lowered its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 835,017 shares of the gold and copper producer’s stock after selling 5,132 shares during the period. Investment Management Corp of Ontario’s holdings in Barrick Gold were worth $12,943,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GOLD. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Gold in the fourth quarter valued at about $26,000. Strategic Investment Solutions Inc. IL acquired a new stake in Barrick Gold during the 4th quarter worth approximately $37,000. First Horizon Advisors Inc. grew its stake in shares of Barrick Gold by 619.7% in the 4th quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after purchasing an additional 2,646 shares during the last quarter. Pingora Partners LLC increased its holdings in shares of Barrick Gold by 250.0% in the fourth quarter. Pingora Partners LLC now owns 3,500 shares of the gold and copper producer’s stock valued at $54,000 after purchasing an additional 2,500 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in shares of Barrick Gold by 196.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock worth $65,000 after purchasing an additional 2,771 shares during the last quarter. 62.85% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $18.83 on Friday. Barrick Gold Corp has a 52 week low of $15.11 and a 52 week high of $21.35. The stock has a market cap of $32.37 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 0.44 and a beta of 0.25. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $19.09 and its 200 day moving average price is $17.81.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $3.15 billion. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Barrick Gold’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. As a group, research analysts forecast that Barrick Gold Corp will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold’s dividend payout ratio is presently 32.52%.

Barrick Gold announced that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Scotiabank boosted their price objective on shares of Barrick Gold from $20.00 to $22.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $21.00 to $18.00 in a report on Monday, January 27th. BMO Capital Markets began coverage on Barrick Gold in a report on Wednesday, April 16th. They issued a “market perform” rating on the stock. Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Raymond James raised their price target on Barrick Gold from $23.00 to $23.50 and gave the company an “outperform” rating in a report on Monday, March 31st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus price target of $24.05.

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.