Foundation Resource Management Inc. Trims Holdings in Barrick Gold Corp (NYSE:B)

Foundation Resource Management Inc. lowered its position in shares of Barrick Gold Corp (NYSE:B) (TSE:ABX) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 601,642 shares of the gold and copper producer’s stock after selling 79,805 shares during the period. Barrick Gold comprises approximately 1.8% of Foundation Resource Management Inc.’s holdings, making the stock its 20th largest holding. Foundation Resource Management Inc.’s holdings in Barrick Gold were worth $11,696,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Keystone Financial Group increased its stake in shares of Barrick Gold by 1.4% during the fourth quarter. Keystone Financial Group now owns 56,394 shares of the gold and copper producer’s stock valued at $874,000 after buying an additional 753 shares during the period. Edge Wealth Management LLC increased its stake in shares of Barrick Gold by 6.1% during the first quarter. Edge Wealth Management LLC now owns 13,110 shares of the gold and copper producer’s stock valued at $255,000 after buying an additional 755 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in Barrick Gold by 55.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after purchasing an additional 785 shares during the last quarter. VisionPoint Advisory Group LLC grew its stake in Barrick Gold by 6.7% in the fourth quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock valued at $224,000 after purchasing an additional 880 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its stake in Barrick Gold by 5.9% in the first quarter. 180 Wealth Advisors LLC now owns 16,452 shares of the gold and copper producer’s stock valued at $320,000 after purchasing an additional 918 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Gold Trading Down 1.0%

Barrick Gold stock opened at $19.83 on Monday. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a 52 week low of $17.41 and a 52 week high of $47.50. The company has a market capitalization of $34.10 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 0.44 and a beta of 0.27. The stock has a 50-day moving average price of $19.08 and a 200 day moving average price of $17.87.

Barrick Gold (NYSE:B) (TSE:ABX) last released its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue was up 13.9% compared to the same quarter last year. Sell-side analysts anticipate that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold’s dividend payout ratio is currently 30.08%.

Barrick Gold declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank of Canada lifted their target price on Barrick Gold from $23.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. National Bank Financial upgraded Barrick Gold to a “hold” rating in a research note on Friday, March 21st. BMO Capital Markets assumed coverage on Barrick Gold in a research note on Wednesday, April 16th. They issued a “market perform” rating on the stock. TD Securities cut their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Raymond James lifted their target price on Barrick Gold from $23.00 to $23.50 and gave the company an “outperform” rating in a research note on Monday, March 31st. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.32.

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.