Barrick Gold Corp (NYSE:GOLD) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,587,147 shares of the gold and copper producer’s stock after purchasing an additional 54,182 shares during the period. Bank of New York Mellon Corp’s holdings in Barrick Gold were worth $24,601,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GOLD. Connor Clark & Lunn Investment Management Ltd. increased its stake in Barrick Gold by 221.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after purchasing an additional 6,904,934 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares during the last quarter. Van ECK Associates Corp increased its stake in Barrick Gold by 2.1% during the fourth quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock valued at $1,182,641,000 after purchasing an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP increased its stake in Barrick Gold by 2.7% during the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after purchasing an additional 1,458,084 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Barrick Gold during the third quarter valued at $20,379,000. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Performance

GOLD stock opened at $18.61 on Monday. The company has a market capitalization of $32.13 billion, a P/E ratio of 15.13, a PEG ratio of 0.44 and a beta of 0.58. The company has a 50-day simple moving average of $16.86 and a 200 day simple moving average of $18.12. Barrick Gold Corp has a fifty-two week low of $15.11 and a fifty-two 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.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. Sell-side analysts predict that Barrick Gold Corp will post 1.47 earnings per share for the current fiscal year.

Barrick Gold announced that its board has authorized a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the gold and copper producer to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, February 28th. Barrick Gold’s payout ratio is currently 32.52%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GOLD shares. UBS Group upgraded shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Wednesday, March 5th. TD Securities lowered their price target 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. Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Scotiabank upped their price target on shares of Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Finally, CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.