Barrick Gold Corp (NYSE:B) Position Reduced by Snowden Capital Advisors LLC

Snowden Capital Advisors LLC cut its position in shares of Barrick Gold Corp (NYSE:B) (TSE:ABX) by 13.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 30,779 shares of the gold and copper producer’s stock after selling 4,625 shares during the period. Snowden Capital Advisors LLC’s holdings in Barrick Gold were worth $477,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of B. Crowley Wealth Management Inc. purchased a new stake in Barrick Gold during the fourth quarter valued at about $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Barrick Gold in the fourth quarter worth approximately $37,000. First Horizon Advisors Inc. lifted its position in shares of Barrick Gold by 619.7% in the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock worth $48,000 after purchasing an additional 2,646 shares in the last quarter. Pingora Partners LLC lifted its position in shares of Barrick Gold by 250.0% in the fourth quarter. Pingora Partners LLC now owns 3,500 shares of the gold and copper producer’s stock worth $54,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in shares of Barrick Gold by 196.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock worth $65,000 after purchasing an additional 2,771 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Trading Up 0.9%

NYSE:B opened at $18.84 on Thursday. The stock’s 50 day moving average price is $19.04 and its 200 day moving average price is $17.73. Barrick Gold Corp has a 52 week low of $17.41 and a 52 week high of $47.50. The company has a market capitalization of $32.39 billion, a P/E ratio of 15.31, a P/E/G ratio of 0.44 and a beta of 0.25. 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:B) (TSE:ABX) last announced its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. On average, research analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its board has initiated a share buyback 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.40 annualized dividend and a yield of 2.12%. Barrick Gold’s dividend payout ratio (DPR) is presently 30.08%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on B. TD Securities reduced 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. Bank of America lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $21.00 to $18.00 in a research report on Monday, January 27th. BMO Capital Markets began coverage on shares of Barrick Gold in a research report on Wednesday, April 16th. They issued a “market perform” rating for the company. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Raymond James increased their price target on shares of Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.05.

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.