Empowered Funds LLC Purchases Shares of 188,453 Barrick Mining Corporation $B

Empowered Funds LLC acquired a new position in Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 188,453 shares of the gold and copper producer’s stock, valued at approximately $3,924,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. bought a new stake in Barrick Mining in the second quarter worth approximately $1,459,633,000. Mount Lucas Management LP bought a new position in shares of Barrick Mining during the 2nd quarter worth approximately $552,000. Rothschild Investment LLC acquired a new stake in shares of Barrick Mining during the 2nd quarter worth approximately $282,000. Westpac Banking Corp bought a new stake in shares of Barrick Mining in the 2nd quarter valued at $148,000. Finally, Integrated Quantitative Investments LLC acquired a new position in shares of Barrick Mining during the 2nd quarter valued at $908,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Barrick Mining Stock Up 1.6%

Shares of NYSE:B opened at $36.56 on Friday. The business’s 50 day moving average is $33.62 and its 200 day moving average is $26.06. Barrick Mining Corporation has a 12-month low of $15.11 and a 12-month high of $38.78. The stock has a market cap of $61.69 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 0.40 and a beta of 0.28. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B) (TSE:ABX) last released its quarterly earnings results on Monday, November 10th. The gold and copper producer reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.20 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.Barrick Mining’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. On average, sell-side analysts forecast that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, November 28th. This is an increase from Barrick Mining’s previous quarterly dividend of $0.15. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.9%. Barrick Mining’s payout ratio is 33.82%.

Wall Street Analyst Weigh In

A number of research firms have commented on B. Canaccord Genuity Group raised their price target on shares of Barrick Mining from $39.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Weiss Ratings restated a “buy (b)” rating on shares of Barrick Mining in a research note on Monday. Bank of America boosted their target price on Barrick Mining from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Scotiabank upgraded Barrick Mining from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $27.50 to $43.00 in a report on Thursday, October 23rd. Finally, Cibc World Mkts raised Barrick Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Barrick Mining has an average rating of “Moderate Buy” and a consensus price target of $42.90.

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.