Lafayette Investments Inc. Purchases New Stake in Barrick Mining Corporation $B

Lafayette Investments Inc. bought a new stake in Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 330,451 shares of the gold and copper producer’s stock, valued at approximately $6,880,000. Barrick Mining makes up approximately 1.4% of Lafayette Investments Inc.’s investment portfolio, making the stock its 17th biggest holding.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in Barrick Mining by 0.7% in the first quarter. Vanguard Group Inc. now owns 68,861,295 shares of the gold and copper producer’s stock valued at $1,337,012,000 after buying an additional 502,762 shares in the last quarter. TD Asset Management Inc acquired a new stake in shares of Barrick Mining in the second quarter valued at about $386,328,000. Ninety One UK Ltd bought a new position in shares of Barrick Mining during the second quarter worth about $326,862,000. Mackenzie Financial Corp lifted its stake in shares of Barrick Mining by 1.9% in the first quarter. Mackenzie Financial Corp now owns 15,614,848 shares of the gold and copper producer’s stock worth $303,161,000 after acquiring an additional 296,472 shares during the period. Finally, Ruffer LLP boosted its holdings in Barrick Mining by 1.5% in the first quarter. Ruffer LLP now owns 10,426,795 shares of the gold and copper producer’s stock valued at $202,701,000 after acquiring an additional 156,947 shares during the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on B shares. UBS Group boosted their target price on shares of Barrick Mining from $35.00 to $39.00 and gave the company a “buy” rating in a report on Thursday. Scotiabank boosted their target price on Barrick Mining from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 13th. CIBC raised their price objective on Barrick Mining from $38.00 to $50.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Barrick Mining in a research report on Monday, September 22nd. Finally, Wall Street Zen raised shares of Barrick Mining from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 11th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Barrick Mining presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Barrick Mining Price Performance

Shares of NYSE:B opened at $34.75 on Tuesday. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. The stock has a market cap of $59.18 billion, a PE ratio of 21.86, a price-to-earnings-growth ratio of 0.42 and a beta of 0.30. The stock’s fifty day simple moving average is $29.95 and its two-hundred day simple moving average is $23.61. Barrick Mining Corporation has a 1-year low of $15.11 and a 1-year high of $36.40.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The company had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.60 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, analysts forecast that Barrick Mining Corporation will post 1.47 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 29th. Barrick Mining’s dividend payout ratio (DPR) is presently 37.74%.

Barrick Mining 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.