Geode Capital Management LLC Takes Position in Barrick Mining Corporation $B

Geode Capital Management LLC bought a new stake in Barrick Mining Corporation (NYSE:B) (TSE:ABX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,432,329 shares of the gold and copper producer’s stock, valued at approximately $307,855,000. Geode Capital Management LLC owned 0.85% of Barrick Mining at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of B. Vermillion Wealth Management Inc. purchased a new stake in shares of Barrick Mining in the second quarter valued at about $25,000. Concord Wealth Partners purchased a new stake in Barrick Mining during the 2nd quarter valued at approximately $26,000. Crowley Wealth Management Inc. acquired a new stake in Barrick Mining during the 2nd quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new position in shares of Barrick Mining in the 2nd quarter valued at approximately $27,000. Finally, Trifecta Capital Advisors LLC purchased a new position in shares of Barrick Mining in the 2nd quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Stock Up 1.6%

Shares of NYSE B opened at $37.00 on Monday. 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 Corporation has a 52 week low of $15.11 and a 52 week high of $37.73. The firm has a 50-day moving average price of $32.84 and a 200 day moving average price of $25.51. The stock has a market capitalization of $62.43 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 0.40 and a beta of 0.28.

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

Barrick Mining Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.9%. 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. Barrick Mining’s dividend payout ratio (DPR) is 33.82%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Barrick Mining in a report on Wednesday, September 24th. Scotiabank upgraded shares of Barrick Mining from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $27.50 to $43.00 in a research note on Thursday, October 23rd. Canaccord Genuity Group boosted their price target on shares of Barrick Mining from $39.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. TD Securities raised their price objective on shares of Barrick Mining from $38.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada lifted their price objective on Barrick Mining from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Barrick Mining currently has an average rating of “Moderate Buy” and an average price target of $42.90.

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.