Jaffetilchin Investment Partners LLC Makes New $819,000 Investment in Barrick Gold Corp (NYSE:GOLD)

Jaffetilchin Investment Partners LLC purchased a new position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 41,196 shares of the gold and copper producer’s stock, valued at approximately $819,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Eagle Investment Management LLC boosted its position in Barrick Gold by 31.6% in the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after buying an additional 14,138,639 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in Barrick Gold by 38.8% during the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after purchasing an additional 5,080,510 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Barrick Gold by 4,713.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock valued at $69,141,000 after purchasing an additional 4,058,351 shares during the period. Letko Brosseau & Associates Inc. purchased a new stake in shares of Barrick Gold in the second quarter valued at approximately $66,820,000. Finally, Mizuho Markets Americas LLC purchased a new position in shares of Barrick Gold during the 2nd quarter valued at approximately $31,768,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Down 5.4 %

Shares of GOLD opened at $17.40 on Tuesday. The stock has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $18.49. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $30.42 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. Barrick Gold Corp has a 52-week low of $13.76 and a 52-week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. Barrick Gold’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 earnings per share. As a group, equities analysts forecast that Barrick Gold Corp will post 1.29 EPS for the current year.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.30%. Barrick Gold’s payout ratio is 43.01%.

Analysts Set New Price Targets

GOLD has been the subject of a number of research analyst reports. Raymond James reduced their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Scotiabank reduced their price target on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research report on Friday. Jefferies Financial Group lifted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, TD Securities decreased their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.90.

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.