Sumitomo Life Insurance Co. Invests $3.21 Million in Barrick Mining Corporation $B

Sumitomo Life Insurance Co. bought a new position in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 73,700 shares of the gold and copper producer’s stock, valued at approximately $3,211,000.

Several other hedge funds have also made changes to their positions in B. Capital International Investors boosted its stake in shares of Barrick Mining by 35.9% during the third quarter. Capital International Investors now owns 101,846,588 shares of the gold and copper producer’s stock worth $3,340,709,000 after buying an additional 26,921,219 shares during the period. Ameriprise Financial Inc. acquired a new stake in Barrick Mining in the second quarter valued at about $211,263,000. Canada Pension Plan Investment Board acquired a new stake in Barrick Mining in the second quarter valued at about $172,230,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Barrick Mining by 664.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,013,464 shares of the gold and copper producer’s stock valued at $295,977,000 after purchasing an additional 7,833,887 shares during the period. Finally, Orbis Allan Gray Ltd acquired a new stake in Barrick Mining in the second quarter valued at about $131,221,000. Institutional investors and hedge funds own 90.82% of the company’s stock.

Barrick Mining Price Performance

B stock opened at $40.22 on Friday. The firm has a 50 day moving average of $41.51 and a 200-day moving average of $43.85. Barrick Mining Corporation has a 12-month low of $20.35 and a 12-month high of $54.69. The company has a current ratio of 3.06, a quick ratio of 2.44 and a debt-to-equity ratio of 0.13. The company has a market cap of $66.89 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 1.11 and a beta of 0.44.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.18. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The company had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.75 billion. Barrick Mining’s revenue was up 66.7% on a year-over-year basis. As a group, equities analysts expect that Barrick Mining Corporation will post 3.78 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, May 29th. Barrick Mining’s dividend payout ratio (DPR) is presently 19.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings downgraded shares of Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Canaccord Genuity Group reduced their price objective on shares of Barrick Mining to $77.00 and set a “buy” rating for the company in a research report on Wednesday, February 18th. UBS Group raised their price objective on shares of Barrick Mining from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Barclays assumed coverage on shares of Barrick Mining in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $41.00 price objective for the company. Finally, Canadian Imperial Bank of Commerce reduced their price objective on shares of Barrick Mining to $63.00 and set an “outperformer” rating for the company in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Barrick Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.46.

Barrick Mining Company Profile

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.