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

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 79.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,042,377 shares of the gold and copper producer’s stock after selling 7,985,434 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Barrick Gold were worth $31,630,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Barrick Gold by 19.9% during the 3rd quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock worth $9,630,000 after buying an additional 80,366 shares during the period. Mizuho Markets Americas LLC raised its stake in Barrick Gold by 21.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock worth $46,097,000 after buying an additional 413,012 shares during the period. Charles Schwab Investment Management Inc. raised its stake in 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 buying an additional 128,203 shares during the period. Crocodile Capital Partners GmbH raised its stake in Barrick Gold by 97.3% during the 4th quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock worth $22,630,000 after buying an additional 720,000 shares during the period. Finally, Chiron Investment Management LLC raised its stake in Barrick Gold by 36.5% during the 3rd quarter. Chiron Investment Management LLC now owns 604,199 shares of the gold and copper producer’s stock worth $12,018,000 after buying an additional 161,688 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GOLD shares. Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. Scotiabank increased their price objective on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 18th. UBS Group raised Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, March 5th. Berenberg Bank increased their price objective on Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Finally, Citigroup lowered their price objective on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, December 20th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and an average target price of $23.75.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $18.38 on Thursday. The stock has a fifty day simple moving average of $17.03 and a two-hundred day simple moving average of $18.10. Barrick Gold Corp has a 1-year low of $15.11 and a 1-year high of $21.35. The firm has a market cap of $31.74 billion, a price-to-earnings 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 announced its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Analysts anticipate that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Barrick Gold Announces Dividend

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

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.