Invenomic Capital Management LP Grows Stake in Barrick Gold Corp (NYSE:GOLD)

Invenomic Capital Management LP grew its holdings in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 49.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 931,972 shares of the gold and copper producer’s stock after acquiring an additional 307,010 shares during the quarter. Invenomic Capital Management LP owned about 0.05% of Barrick Gold worth $15,508,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Silvercrest Asset Management Group LLC grew its stake in Barrick Gold by 27.2% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 56,105 shares of the gold and copper producer’s stock worth $934,000 after buying an additional 12,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Barrick Gold by 19.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,839,056 shares of the gold and copper producer’s stock worth $63,883,000 after buying an additional 628,477 shares during the last quarter. Lazard Asset Management LLC grew its stake in Barrick Gold by 3.9% during the 1st quarter. Lazard Asset Management LLC now owns 399,296 shares of the gold and copper producer’s stock worth $6,644,000 after buying an additional 14,853 shares during the last quarter. LRI Investments LLC purchased a new position in Barrick Gold during the 1st quarter worth approximately $37,000. Finally, 1832 Asset Management L.P. lifted its position in Barrick Gold by 3.6% during the 1st quarter. 1832 Asset Management L.P. now owns 1,089,855 shares of the gold and copper producer’s stock worth $18,135,000 after acquiring an additional 38,100 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

NYSE GOLD traded up $0.17 during mid-day trading on Tuesday, hitting $18.14. The stock had a trading volume of 13,360,216 shares, compared to its average volume of 21,723,324. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $19.45. The company has a market cap of $31.79 billion, a price-to-earnings ratio of 21.91, a P/E/G ratio of 0.47 and a beta of 0.51. The company has a 50 day simple moving average of $17.25 and a 200 day simple moving average of $16.50. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.04. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period last year, the business posted $0.14 EPS. Barrick Gold’s quarterly revenue was up 3.9% on a year-over-year basis. Equities analysts forecast that Barrick Gold Corp will post 1.16 EPS for the current fiscal year.

Barrick Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were paid a $0.10 dividend. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, May 31st. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GOLD shares. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. BMO Capital Markets decreased their price objective on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. CIBC increased their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group increased their price objective on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.20.

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.