The Manufacturers Life Insurance Company Purchases 2,854,055 Shares of Barrick Gold Corp (NYSE:GOLD)

The Manufacturers Life Insurance Company boosted its holdings in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 33.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,431,497 shares of the gold and copper producer’s stock after buying an additional 2,854,055 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.65% of Barrick Gold worth $227,524,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its stake in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after acquiring an additional 935 shares during the last quarter. Clean Yield Group acquired a new stake in Barrick Gold in the first quarter valued at $25,000. Eastern Bank bought a new position in Barrick Gold during the 3rd quarter worth $32,000. Crewe Advisors LLC lifted its holdings in Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the period. Finally, JFS Wealth Advisors LLC lifted its holdings in Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after buying an additional 1,563 shares during the period. 62.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. UBS Group cut Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. 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 report on Thursday, August 29th. Scotiabank dropped their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday. Royal Bank of Canada increased their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group lifted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.70.

Barrick Gold Trading Down 2.9 %

NYSE:GOLD opened at $17.69 on Tuesday. The firm has a fifty day simple moving average of $19.42 and a two-hundred day simple moving average of $18.53. Barrick Gold Corp has a 12 month low of $13.76 and a 12 month high of $21.35. The stock has a market capitalization of $30.92 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 0.43 and a beta of 0.56. 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 Announces Dividend

The company 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

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.