Letko Brosseau & Associates Inc. Acquires Shares of 4,006,700 Barrick Gold Corp (NYSE:GOLD)

Letko Brosseau & Associates Inc. bought a new position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,006,700 shares of the gold and copper producer’s stock, valued at approximately $66,820,000. Letko Brosseau & Associates Inc. owned about 0.23% of Barrick Gold as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC raised its stake in Barrick Gold by 15.3% during the first quarter. Global Retirement Partners LLC now owns 5,434 shares of the gold and copper producer’s stock valued at $90,000 after buying an additional 721 shares in the last quarter. Edge Wealth Management LLC lifted its stake in Barrick Gold by 6.3% during the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock worth $204,000 after purchasing an additional 725 shares during the last quarter. Greenleaf Trust boosted its holdings in Barrick Gold by 3.5% in the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock worth $418,000 after purchasing an additional 838 shares during the period. DORCHESTER WEALTH MANAGEMENT Co boosted its holdings in Barrick Gold by 2.4% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock worth $608,000 after purchasing an additional 850 shares during the period. Finally, Bangor Savings Bank raised its holdings in shares of Barrick Gold by 4.4% during the second quarter. Bangor Savings Bank now owns 21,445 shares of the gold and copper producer’s stock worth $358,000 after purchasing an additional 904 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on GOLD. Scotiabank lifted their price target 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. Jefferies Financial Group upped their target price on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, July 12th. CIBC raised their price target on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Barrick Gold has an average rating of “Moderate Buy” and an average price target of $22.80.

Barrick Gold Price Performance

Barrick Gold stock traded down $0.46 during trading hours on Friday, hitting $19.00. 14,853,301 shares of the company traded hands, compared to its average volume of 21,523,914. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $20.89. The firm has a market cap of $33.30 billion, a P/E ratio of 23.17, a P/E/G ratio of 0.51 and a beta of 0.55. The firm’s 50-day simple moving average is $18.65 and its two-hundred day simple moving average is $17.24. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.55% and a net margin of 12.78%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.19 earnings per share. As a group, analysts forecast that Barrick Gold Corp will post 1.21 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 2.11%. Barrick Gold’s dividend payout ratio 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.