EdgePoint Investment Group Inc. Has $176.87 Million Stake in Barrick Gold Corp (NYSE:B)

EdgePoint Investment Group Inc. cut its stake in shares of Barrick Gold Corp (NYSE:B - Free Report) TSE: ABX by 31.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,420,441 shares of the gold and copper producer's stock after selling 5,297,050 shares during the period. Barrick Gold accounts for approximately 1.4% of EdgePoint Investment Group Inc.'s holdings, making the stock its 22nd biggest holding. EdgePoint Investment Group Inc. owned approximately 0.66% of Barrick Gold worth $176,865,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings 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 worth $1,182,641,000 after buying an additional 1,563,361 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Barrick Gold by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 68,358,533 shares of the gold and copper producer's stock valued at $1,060,036,000 after purchasing an additional 1,195,585 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Barrick Gold by 17.5% in the 4th quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer's stock valued at $996,802,000 after purchasing an additional 9,598,292 shares in the last quarter. Capital International Investors raised its stake in shares of Barrick Gold by 136.1% in the 4th quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock valued at $516,055,000 after purchasing an additional 19,189,830 shares in the last quarter. Finally, Amundi raised its stake in Barrick Gold by 1.7% during the fourth quarter. Amundi now owns 14,120,278 shares of the gold and copper producer's stock worth $223,665,000 after acquiring an additional 236,116 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Trading Down 6.4%

NYSE B traded down $1.25 on Monday, hitting $18.22. 20,986,624 shares of the stock were exchanged, compared to its average volume of 747,844. Barrick Gold Corp has a 52-week low of $18.06 and a 52-week high of $47.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The company has a market capitalization of $31.32 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 0.44 and a beta of 0.25. The company's 50-day moving average price is $19.09 and its two-hundred day moving average price is $17.79.

Barrick Gold (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $3 billion during the quarter, compared to analyst estimates of $3.15 billion. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. Research analysts predict that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold declared that its board has initiated a share repurchase plan on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, May 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.20%. Barrick Gold's dividend payout ratio is currently 30.08%.

Wall Street Analysts Forecast Growth

B has been the subject of several recent analyst reports. BMO Capital Markets initiated coverage on shares of Barrick Gold in a research report on Wednesday, April 16th. They issued a "market perform" rating for the company. Scotiabank increased their price objective on shares of Barrick Gold from $20.00 to $22.00 and gave the company a "sector perform" rating in a report on Monday, April 14th. Royal Bank of Canada increased their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, April 4th. Bank of America cut shares of Barrick Gold from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. Finally, StockNews.com began coverage on shares of Barrick Gold in a report on Monday. They issued a "sell" rating for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Barrick Gold currently has an average rating of "Moderate Buy" and a consensus target price of $24.05.

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.