Bay Capital Advisors LLC Acquires Shares of 36,112 Barrick Gold Corp (NYSE:GOLD)

Bay Capital Advisors LLC bought a new position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the fourth quarter, HoldingsChannel.com reports. The fund bought 36,112 shares of the gold and copper producer’s stock, valued at approximately $560,000.

A number of other institutional investors have also recently modified their holdings of GOLD. Crowley Wealth Management Inc. bought a new position in Barrick Gold in the 4th quarter valued at approximately $26,000. First Horizon Advisors Inc. lifted its holdings in shares of Barrick Gold by 619.7% during the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after purchasing an additional 2,646 shares in the last quarter. BNP Paribas lifted its holdings in shares of Barrick Gold by 221.7% during the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after purchasing an additional 2,113 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Barrick Gold by 196.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock worth $65,000 after buying an additional 2,771 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Barrick Gold in the 4th quarter worth about $65,000. 62.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GOLD. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a report on Wednesday, March 19th. TD Securities cut their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Berenberg Bank increased their price target on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Finally, Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold Stock Up 0.2 %

NYSE GOLD opened at $18.91 on Tuesday. Barrick Gold Corp has a 52 week low of $0.25 and a 52 week high of $21.35. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $32.62 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. The stock’s 50-day moving average price is $17.57 and its 200-day moving average price is $18.03.

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

Barrick Gold announced that its board has approved a share buyback 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 purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is 32.52%.

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.