Edge Wealth Management LLC Makes New $273,000 Investment in Barrick Mining Corporation $B

Edge Wealth Management LLC purchased a new stake in Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 13,120 shares of the gold and copper producer’s stock, valued at approximately $273,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Nexus Investment Management ULC acquired a new position in Barrick Mining during the 1st quarter worth approximately $32,000. Cary Street Partners Investment Advisory LLC bought a new stake in Barrick Mining in the 1st quarter valued at $32,000. Ameriflex Group Inc. bought a new stake in Barrick Mining in the 4th quarter valued at $39,000. MassMutual Private Wealth & Trust FSB raised its stake in Barrick Mining by 55.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after acquiring an additional 785 shares during the period. Finally, Financial Management Professionals Inc. increased its position in Barrick Mining by 94.5% during the 1st quarter. Financial Management Professionals Inc. now owns 2,433 shares of the gold and copper producer’s stock worth $47,000 after buying an additional 1,182 shares during the period. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Price Performance

NYSE B opened at $32.99 on Friday. The company has a market capitalization of $56.18 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 0.58 and a beta of 0.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The business’s fifty day moving average is $24.84 and its 200 day moving average is $21.40. Barrick Mining Corporation has a fifty-two week low of $15.11 and a fifty-two week high of $33.20.

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

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.8%. Barrick Mining’s dividend payout ratio is presently 37.74%.

Analysts Set New Price Targets

Several research firms recently weighed in on B. Wall Street Zen lowered Barrick Mining from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Cibc World Mkts upgraded shares of Barrick Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. UBS Group boosted their price objective on Barrick Mining from $26.00 to $35.00 and gave the company a “buy” rating in a report on Friday. Scotiabank boosted their price objective on Barrick Mining from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 13th. Finally, Bank of America upped their target price on Barrick Mining from $29.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.78.

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.