Avalon Capital Management Trims Holdings in Barrick Gold Corp (NYSE:GOLD)

Avalon Capital Management trimmed its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 16.1% in the 1st quarter, HoldingsChannel reports. The firm owned 17,600 shares of the gold and copper producer’s stock after selling 3,375 shares during the quarter. Avalon Capital Management’s holdings in Barrick Gold were worth $293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mariner LLC raised its position in Barrick Gold by 3.0% in the third quarter. Mariner LLC now owns 135,955 shares of the gold and copper producer’s stock valued at $1,978,000 after purchasing an additional 3,901 shares during the period. Stifel Financial Corp boosted its position in shares of Barrick Gold by 4.0% during the 3rd quarter. Stifel Financial Corp now owns 647,116 shares of the gold and copper producer’s stock worth $9,416,000 after acquiring an additional 25,153 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in shares of Barrick Gold by 41.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 3,919 shares of the gold and copper producer’s stock worth $57,000 after acquiring an additional 1,142 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Barrick Gold in the 3rd quarter valued at about $6,892,000. Finally, Alpine Global Management LLC purchased a new stake in shares of Barrick Gold in the 3rd quarter valued at about $313,000. 62.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GOLD shares. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 target price on shares of Barrick Gold in a report on Monday, March 4th. BMO Capital Markets reduced their target price on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Finally, National Bank Financial reissued a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Barrick Gold Stock Performance

NYSE GOLD traded down $0.16 during trading hours on Friday, reaching $16.68. The company’s stock had a trading volume of 13,271,649 shares, compared to its average volume of 20,974,042. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $16.84 and a 200 day simple moving average of $16.49. Barrick Gold Corp has a 52 week low of $13.76 and a 52 week high of $18.95. The stock has a market cap of $29.28 billion, a PE ratio of 20.34, a PEG ratio of 0.47 and a beta of 0.59.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.04. The company had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.74 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. Equities research analysts predict that Barrick Gold Corp will post 1.08 earnings per share for the current fiscal year.

Barrick Gold Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Friday, May 31st. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s payout ratio is 48.78%.

Barrick Gold 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.