Portside Wealth Group LLC Reduces Stock Position in Barrick Gold Corp (NYSE:GOLD)

Portside Wealth Group LLC decreased its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 25.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,628 shares of the gold and copper producer’s stock after selling 14,553 shares during the quarter. Portside Wealth Group LLC’s holdings in Barrick Gold were worth $694,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GOLD. Bar Harbor Wealth Management grew its stake in Barrick Gold by 1.8% in the 2nd quarter. Bar Harbor Wealth Management now owns 388,394 shares of the gold and copper producer’s stock valued at $6,478,000 after acquiring an additional 6,743 shares during the last quarter. Whitener Capital Management Inc. raised its position in shares of Barrick Gold by 4.5% during the 2nd quarter. Whitener Capital Management Inc. now owns 72,510 shares of the gold and copper producer’s stock worth $1,209,000 after purchasing an additional 3,130 shares during the last quarter. Baader Bank Aktiengesellschaft raised its position in shares of Barrick Gold by 22.4% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 26,308 shares of the gold and copper producer’s stock worth $433,000 after purchasing an additional 4,808 shares during the last quarter. 180 Wealth Advisors LLC grew its holdings in Barrick Gold by 38.5% during the 2nd quarter. 180 Wealth Advisors LLC now owns 16,542 shares of the gold and copper producer’s stock valued at $300,000 after buying an additional 4,598 shares during the last quarter. Finally, Addenda Capital Inc. increased its position in Barrick Gold by 4.7% during the second quarter. Addenda Capital Inc. now owns 2,401,445 shares of the gold and copper producer’s stock worth $40,056,000 after buying an additional 107,270 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Jefferies Financial Group upped their price objective on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, July 12th. CIBC raised their price target on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

Barrick Gold Stock Up 3.5 %

NYSE GOLD traded up $0.66 on Friday, reaching $19.71. The company had a trading volume of 26,384,292 shares, compared to its average volume of 21,862,564. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49. Barrick Gold Corp has a 1 year low of $13.76 and a 1 year high of $19.77. The firm has a 50-day moving average of $17.58 and a 200-day moving average of $16.71. The firm has a market capitalization of $34.55 billion, a PE ratio of 24.04, a P/E/G ratio of 0.48 and a beta of 0.51.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts anticipate that Barrick Gold Corp will post 1.16 EPS for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

Barrick Gold 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.