CIBC Asset Management Inc Reduces Stock Position in Barrick Gold Corp (NYSE:GOLD)

CIBC Asset Management Inc cut its holdings in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,943,623 shares of the gold and copper producer’s stock after selling 602,907 shares during the quarter. Barrick Gold makes up approximately 0.9% of CIBC Asset Management Inc’s holdings, making the stock its 28th largest holding. CIBC Asset Management Inc owned about 0.80% of Barrick Gold worth $278,072,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. lifted its stake in shares of Barrick Gold by 9.5% in the 1st quarter. Sei Investments Co. now owns 685,876 shares of the gold and copper producer’s stock valued at $11,413,000 after purchasing an additional 59,456 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Barrick Gold by 10.3% during the 1st quarter. Bleakley Financial Group LLC now owns 24,121 shares of the gold and copper producer’s stock valued at $401,000 after buying an additional 2,245 shares in the last quarter. Kingsview Wealth Management LLC purchased a new stake in shares of Barrick Gold in the 1st quarter worth about $190,000. Orion Portfolio Solutions LLC increased its stake in shares of Barrick Gold by 6.0% in the 1st quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock worth $1,367,000 after acquiring an additional 4,652 shares in the last quarter. Finally, Tocqueville Asset Management L.P. lifted its position in Barrick Gold by 30.0% during the 1st quarter. Tocqueville Asset Management L.P. now owns 324,634 shares of the gold and copper producer’s stock valued at $5,402,000 after acquiring an additional 74,995 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

Shares of GOLD opened at $16.85 on Friday. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $21.35. The firm has a market cap of $29.45 billion, a PE ratio of 18.12, a P/E/G ratio of 0.40 and a beta of 0.56. The firm has a fifty day simple moving average of $19.79 and a two-hundred day simple moving average of $18.48.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.82% and a net margin of 13.19%. 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 previous year, the company posted $0.19 EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts anticipate that Barrick Gold Corp will post 1.29 EPS for the current year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.37%. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Royal Bank of Canada lifted their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Jefferies Financial Group increased their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Raymond James lowered their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, TD Securities cut their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average price target of $23.90.

About Barrick Gold

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.