Barrick Mining (NYSE:B) Downgraded by Zacks Research to "Hold"

Key Points

• Barrick Mining has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research, while other firms have varied ratings and price targets for the stock.
• As of now, the stock has a consensus rating of "Moderate Buy" with a target price of $24.77, amidst fluctuating evaluations from different analysts.
• In its recent quarterly earnings, Barrick Mining reported $0.47 earnings per share and a revenue of $3.72 billion, indicating a significant growth compared to the same period last year.

Zacks Research downgraded shares of Barrick Mining (NYSE:B - Free Report) TSE: ABX from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

A number of other analysts have also issued reports on the company. Royal Bank Of Canada set a $26.00 target price on Barrick Mining and gave the company an "outperform" rating in a report on Wednesday, July 2nd. CIBC upgraded Barrick Mining from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Scotiabank increased their target price on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, August 13th. Finally, Wall Street Zen lowered Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Barrick Mining currently has an average rating of "Moderate Buy" and an average target price of $24.77.

Barrick Mining Stock Up 0.4%

Shares of B traded up $0.10 during mid-day trading on Thursday, reaching $26.30. The company's stock had a trading volume of 11,868,109 shares, compared to its average volume of 15,082,562. The business has a fifty day moving average of $22.06 and a 200 day moving average of $20.06. The company has a market cap of $44.87 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 0.48 and a beta of 0.27. Barrick Mining has a 1 year low of $15.11 and a 1 year high of $26.61. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.47. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company's revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. As a group, analysts forecast that Barrick Mining will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently announced a dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a dividend of $0.15 per share. This represents a yield of 249.0%. The ex-dividend date is Friday, August 29th. Barrick Mining's dividend payout ratio (DPR) is 25.16%.

Hedge Funds Weigh In On Barrick Mining

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. bought a new position in Barrick Mining during the second quarter valued at about $1,459,633,000. Arrowstreet Capital Limited Partnership bought a new position in Barrick Mining during the second quarter valued at about $1,091,122,000. First Eagle Investment Management LLC bought a new position in Barrick Mining during the second quarter valued at about $822,056,000. TD Asset Management Inc bought a new position in Barrick Mining during the second quarter valued at about $386,328,000. Finally, Ninety One UK Ltd bought a new position in Barrick Mining during the second quarter valued at about $326,862,000. 90.82% of the stock is currently owned by institutional investors.

About Barrick Mining

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.