Barrick Gold Corp (NYSE:GOLD) Shares Sold by Avalon Capital Management

Avalon Capital Management lowered its stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,600 shares of the gold and copper producer’s stock after selling 800 shares during the period. Avalon Capital Management’s holdings in Barrick Gold were worth $273,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Barrick Gold by 221.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after purchasing an additional 2,854,055 shares in the last quarter. Van ECK Associates Corp raised its stake in Barrick Gold by 2.1% in the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock valued at $1,182,641,000 after purchasing an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Barrick Gold by 2.7% in the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after purchasing an additional 1,458,084 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Barrick Gold during the 3rd quarter worth $20,379,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Stock Down 0.2 %

Shares of NYSE GOLD opened at $18.27 on Tuesday. The business has a 50-day moving average of $16.42 and a two-hundred day moving average of $18.21. The company has a market capitalization of $31.55 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55. Barrick Gold Corp has a 1 year low of $14.27 and a 1 year high of $21.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. On average, analysts forecast that Barrick Gold Corp will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.19%. Barrick Gold’s payout ratio is 32.52%.

Barrick Gold announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GOLD shares. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Bank of America lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. Scotiabank lifted their price objective on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Raymond James cut their target price on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Finally, Berenberg Bank upped their price objective on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.75.

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.