Barrick Mining (NYSE:B) Sets New 52-Week High on Analyst Upgrade

Key Points

• Barrick Mining reached a new 52-week high on Thursday, with shares peaking at $36.10, following an upgrade from Bank of America raising its price target from $36.00 to $38.00.
• The stock currently has a "Moderate Buy" average rating from analysts, with a target price of $41.00, reflecting a mix of upgrades and downgrades from various firms.
• Institutional investors hold 90.82% of Barrick Mining's shares, indicating strong confidence in the company's performance, alongside recent success in quarterly earnings that matched expectations.

Barrick Mining Corporation (NYSE:B - Get Free Report) TSE: ABX hit a new 52-week high during trading on Thursday after Bank of America raised their price target on the stock from $36.00 to $38.00. Bank of America currently has a neutral rating on the stock. Barrick Mining traded as high as $36.10 and last traded at $36.17, with a volume of 4594633 shares traded. The stock had previously closed at $34.68.

B has been the subject of a number of other research reports. TD Securities increased their target price on Barrick Mining from $38.00 to $46.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Zacks Research lowered Barrick Mining from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Scotiabank boosted their price objective on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 13th. BMO Capital Markets reissued a "market perform" rating on shares of Barrick Mining in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada boosted their target price on Barrick Mining from $34.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $41.00.

Institutional Investors Weigh In On Barrick Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in B. GAMMA Investing LLC grew its stake in shares of Barrick Mining by 1,844.0% during the first quarter. GAMMA Investing LLC now owns 6,007 shares of the gold and copper producer's stock worth $117,000 after buying an additional 5,698 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Barrick Mining by 21.8% during the 1st quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock valued at $62,000 after acquiring an additional 563 shares during the period. Fifth Third Bancorp boosted its holdings in Barrick Mining by 28.9% in the 1st quarter. Fifth Third Bancorp now owns 5,644 shares of the gold and copper producer's stock worth $110,000 after buying an additional 1,266 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Barrick Mining by 1.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,792 shares of the gold and copper producer's stock valued at $1,454,000 after purchasing an additional 1,156 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Barrick Mining by 25.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 291,281 shares of the gold and copper producer's stock worth $5,663,000 after acquiring an additional 59,906 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Price Performance

The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $61.73 billion, a P/E ratio of 22.79, a P/E/G ratio of 0.54 and a beta of 0.30. The business's fifty day moving average price is $29.26 and its 200-day moving average price is $23.23.

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

Barrick Mining Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 29th. Barrick Mining's payout ratio is presently 37.74%.

Barrick Mining 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.

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