Canal Insurance CO Sells 1,000 Shares of Barrick Gold Corp (NYSE:GOLD)

Canal Insurance CO reduced its stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 0.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 200,000 shares of the gold and copper producer’s stock after selling 1,000 shares during the period. Canal Insurance CO’s holdings in Barrick Gold were worth $3,978,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC boosted its stake in shares of Barrick Gold by 55.2% during the 1st quarter. Norden Group LLC now owns 25,971 shares of the gold and copper producer’s stock worth $432,000 after purchasing an additional 9,240 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of Barrick Gold by 9.5% during the first quarter. Sequoia Financial Advisors LLC now owns 13,798 shares of the gold and copper producer’s stock valued at $230,000 after buying an additional 1,196 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Barrick Gold by 24.6% in the first quarter. Janney Montgomery Scott LLC now owns 135,618 shares of the gold and copper producer’s stock worth $2,257,000 after buying an additional 26,752 shares during the period. Larson Financial Group LLC lifted its stake in shares of Barrick Gold by 15.5% during the 1st quarter. Larson Financial Group LLC now owns 22,194 shares of the gold and copper producer’s stock worth $369,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Mediolanum International Funds Ltd purchased a new position in Barrick Gold during the 1st quarter valued at $2,215,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Price Performance

Shares of Barrick Gold stock opened at $17.83 on Wednesday. The firm has a market cap of $31.17 billion, a PE ratio of 21.94, a P/E/G ratio of 0.45 and a beta of 0.56. The business has a 50-day moving average price of $20.05 and a 200 day moving average price of $18.45. 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 Corp has a twelve month low of $13.76 and a twelve month high of $21.35.

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, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion during 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 firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 earnings per share. Sell-side analysts predict that Barrick Gold Corp will post 1.29 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 46.51%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. CIBC increased their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Raymond James reduced their price target 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. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Thursday, August 29th. Jefferies Financial Group upped their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and cut their target price for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

Barrick Gold 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.