Oak Asset Management LLC Makes New Investment in Barrick Mining Corporation $B

Key Points

• Oak Asset Management LLC has acquired 28,500 shares of Barrick Mining Corporation, valued at approximately $593,000, marking a significant investment in the gold and copper producer.
• Analysts have set a consensus target price of $28.78 for Barrick Mining, with various ratings including two "Strong Buy," six "Buy," and six "Hold" ratings.
• Barrick Mining recently reported a 16.4% increase in quarterly revenue year-over-year, reaching $3.72 billion, while announcing a reduced quarterly dividend of $0.15 per share.

Oak Asset Management LLC bought a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 28,500 shares of the gold and copper producer's stock, valued at approximately $593,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Penserra Capital Management LLC increased its stake in shares of Barrick Mining by 1,919.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer's stock valued at $56,000 after buying an additional 2,821 shares during the period. Hedges Asset Management LLC acquired a new stake in Barrick Mining during the 2nd quarter worth $1,249,000. Chemistry Wealth Management LLC acquired a new stake in Barrick Mining during the 2nd quarter worth $246,000. Wealth Enhancement Advisory Services LLC grew its holdings in Barrick Mining by 14.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer's stock worth $1,141,000 after acquiring an additional 9,149 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Barrick Mining by 24.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer's stock worth $404,000 after acquiring an additional 4,082 shares during the period. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

B has been the subject of a number of analyst reports. Zacks Research lowered shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. TD Securities lifted their price target on shares of Barrick Mining from $30.00 to $38.00 and gave the stock a "buy" rating in a research report on Monday. Royal Bank Of Canada lifted their price target on shares of Barrick Mining from $34.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday. UBS Group lifted their price target on shares of Barrick Mining from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Barrick Mining in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $33.33.

Barrick Mining Stock Down 1.6%

B traded down $0.56 during trading on Tuesday, hitting $34.80. The company had a trading volume of 22,717,395 shares, compared to its average volume of 19,926,508. The company has a market capitalization of $59.25 billion, a PE ratio of 21.90, a PEG ratio of 0.58 and a beta of 0.27. The firm's 50-day moving average price is $25.12 and its 200 day moving average price is $21.54. Barrick Mining Corporation has a one year low of $15.11 and a one year high of $36.10. 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 quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share for the quarter, hitting the consensus estimate of $0.47. The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. Barrick Mining's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. As a group, equities analysts expect that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

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

Barrick Mining 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.