Summit Financial LLC Takes $798,000 Position in Barrick Gold Corp (NYSE:GOLD)

Summit Financial LLC acquired a new position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 4th quarter, Holdings Channel.com reports. The fund acquired 51,473 shares of the gold and copper producer’s stock, valued at approximately $798,000.

A number of other large investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in shares of Barrick Gold by 19.9% during the third quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock valued at $9,630,000 after buying an additional 80,366 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Barrick Gold by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,073,717 shares of the gold and copper producer’s stock worth $78,637,000 after purchasing an additional 128,203 shares during the period. Crocodile Capital Partners GmbH boosted its holdings in shares of Barrick Gold by 97.3% during the fourth quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock worth $22,630,000 after purchasing an additional 720,000 shares during the last quarter. Chiron Investment Management LLC grew its position in shares of Barrick Gold by 36.5% in the third quarter. Chiron Investment Management LLC now owns 604,199 shares of the gold and copper producer’s stock valued at $12,018,000 after purchasing an additional 161,688 shares during the period. Finally, Legend Financial Advisors Inc. acquired a new position in Barrick Gold in the fourth quarter valued at $700,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Performance

Barrick Gold stock opened at $19.41 on Thursday. The firm has a market capitalization of $33.49 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. Barrick Gold Corp has a one year low of $15.11 and a one year high of $21.35. The stock’s 50 day moving average price is $18.07 and its 200 day moving average price is $18.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted 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%. As a group, sell-side analysts expect that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its Board of Directors has initiated a share buyback program 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 programs are usually an indication that the company’s board believes its shares are undervalued.

Barrick Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were given a $0.10 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.06%. Barrick Gold’s payout ratio is currently 32.52%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. 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. UBS Group raised shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Wednesday, March 5th. National Bank Financial upgraded shares of Barrick Gold to a “hold” rating in a report on Friday, March 21st. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, Scotiabank increased their target price on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus target price of $23.71.

Barrick Gold Company 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.