Scheer Rowlett & Associates Investment Management Ltd. Takes Position in Barrick Mining Corporation $B

Scheer Rowlett & Associates Investment Management Ltd. purchased a new position in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 3,003,438 shares of the gold and copper producer’s stock, valued at approximately $62,568,000. Barrick Mining comprises about 4.1% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 9th biggest position.

A number of other large investors also recently bought and sold shares of the business. Penserra Capital Management LLC lifted its position in shares of Barrick Mining by 1,919.0% during the first quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer’s stock worth $56,000 after purchasing an additional 2,821 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Barrick Mining by 18.0% in the first quarter. Envestnet Asset Management Inc. now owns 828,666 shares of the gold and copper producer’s stock worth $16,109,000 after purchasing an additional 126,643 shares during the last quarter. Cerity Partners LLC increased its stake in Barrick Mining by 47.4% in the 1st quarter. Cerity Partners LLC now owns 136,786 shares of the gold and copper producer’s stock worth $2,659,000 after buying an additional 44,002 shares during the period. New York State Common Retirement Fund lifted its holdings in Barrick Mining by 15.5% during the 1st quarter. New York State Common Retirement Fund now owns 194,806 shares of the gold and copper producer’s stock valued at $3,787,000 after buying an additional 26,170 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in Barrick Mining in the 1st quarter valued at about $722,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. National Bank Financial raised shares of Barrick Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 22nd. Cibc World Mkts raised Barrick Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Bank of America raised their price objective on Barrick Mining from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. BMO Capital Markets reiterated a “market perform” rating on shares of Barrick Mining in a report on Monday, September 22nd. Finally, Citigroup increased their price target on Barrick Mining from $21.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Barrick Mining has a consensus rating of “Moderate Buy” and an average price target of $42.90.

Barrick Mining Stock Performance

Shares of NYSE:B opened at $33.05 on Friday. The firm has a 50 day moving average of $31.94 and a 200 day moving average of $24.87. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $55.76 billion, a price-to-earnings ratio of 20.78, a price-to-earnings-growth ratio of 0.40 and a beta of 0.28. Barrick Mining Corporation has a 52 week low of $15.11 and a 52 week high of $36.40.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its quarterly earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The business’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.32 EPS. On average, sell-side analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 29th. Barrick Mining’s payout ratio is 37.74%.

About Barrick Mining

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.