Highland Capital Management LLC Lowers Stock Position in Barrick Gold Corp (NYSE:GOLD)

Highland Capital Management LLC trimmed its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 2.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 41,529 shares of the gold and copper producer’s stock after selling 955 shares during the quarter. Highland Capital Management LLC’s holdings in Barrick Gold were worth $826,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOLD. Vanguard Group Inc. increased its stake in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after purchasing an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after buying an additional 14,138,639 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in Barrick Gold by 3.7% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Barrick Gold by 9.0% in the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after acquiring an additional 1,231,184 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Barrick Gold by 3.3% in the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after acquiring an additional 461,406 shares during the period. Institutional investors own 62.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Raymond James cut their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Royal Bank of Canada boosted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank increased their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. Finally, Jefferies Financial Group increased their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.60.

Barrick Gold Stock Performance

NYSE GOLD opened at $19.61 on Friday. The business’s 50 day moving average price is $20.18 and its 200-day moving average price is $18.33. Barrick Gold Corp has a fifty-two week low of $13.76 and a fifty-two week high of $21.35. The company has a market cap of $34.37 billion, a P/E ratio of 23.91, a P/E/G ratio of 0.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.19 earnings per share. Sell-side analysts predict that Barrick Gold Corp will post 1.27 earnings per share for the current year.

Barrick Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.10 dividend. 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 currently 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.