Connor Clark & Lunn Investment Management Ltd. Has $31.63 Million Stock Holdings in Barrick Gold Corp (NYSE:GOLD)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 79.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,042,377 shares of the gold and copper producer’s stock after selling 7,985,434 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.12% of Barrick Gold worth $31,630,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Moors & Cabot Inc. raised its holdings in Barrick Gold by 0.9% in the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after acquiring an additional 579 shares in the last quarter. Chelsea Counsel Co. raised its holdings in shares of Barrick Gold by 1.4% during the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after buying an additional 590 shares in the last quarter. Avior Wealth Management LLC raised its holdings in shares of Barrick Gold by 24.1% during the 3rd quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock worth $68,000 after buying an additional 659 shares in the last quarter. VisionPoint Advisory Group LLC raised its holdings in shares of Barrick Gold by 6.7% during the 4th quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock worth $224,000 after buying an additional 880 shares in the last quarter. Finally, Bangor Savings Bank raised its holdings in shares of Barrick Gold by 4.5% during the 4th quarter. Bangor Savings Bank now owns 22,025 shares of the gold and copper producer’s stock worth $341,000 after buying an additional 956 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Trading Down 0.4 %

NYSE GOLD opened at $18.38 on Thursday. The business’s 50-day moving average price is $17.03 and its two-hundred day moving average price is $18.10. Barrick Gold Corp has a 12 month low of $15.11 and a 12 month high of $21.35. The firm has a market capitalization of $31.74 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. On average, analysts expect that Barrick Gold Corp will post 1.47 EPS for the current year.

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

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.40 annualized dividend and a dividend yield of 2.18%. Barrick Gold’s payout ratio is 32.52%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Raymond James lowered their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Citigroup lowered their price target on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, December 20th. TD Securities lowered their price target on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.00 to $18.00 in a research report on Monday, January 27th. Finally, Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.75.

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.