Eastern Bank Invests $32,000 in Barrick Gold Corp (NYSE:GOLD)

Eastern Bank bought a new position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,629 shares of the gold and copper producer’s stock, valued at approximately $32,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Signaturefd LLC boosted its position in shares of Barrick Gold by 3.3% in the third quarter. Signaturefd LLC now owns 38,925 shares of the gold and copper producer’s stock worth $774,000 after buying an additional 1,229 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Barrick Gold by 8.3% during the third quarter. Sequoia Financial Advisors LLC now owns 15,465 shares of the gold and copper producer’s stock worth $308,000 after acquiring an additional 1,181 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Barrick Gold by 4.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 876,559 shares of the gold and copper producer’s stock worth $17,435,000 after acquiring an additional 40,500 shares in the last quarter. Means Investment CO. Inc. raised its holdings in shares of Barrick Gold by 5.8% during the third quarter. Means Investment CO. Inc. now owns 21,520 shares of the gold and copper producer’s stock worth $428,000 after acquiring an additional 1,173 shares in the last quarter. Finally, E&G Advisors LP purchased a new stake in shares of Barrick Gold during the third quarter worth $203,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GOLD. 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. Raymond James cut their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. UBS Group increased their price objective on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Royal Bank of Canada increased their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, CIBC raised their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Stock Down 3.5 %

GOLD stock opened at $19.61 on Friday. Barrick Gold Corp has a twelve month low of $13.76 and a twelve month high of $21.35. The company has a market cap of $34.37 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The business’s 50-day simple moving average is $20.18 and its 200 day simple moving average is $18.33. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts anticipate that Barrick Gold Corp will post 1.27 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Barrick Gold 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.