40,000 Shares in Barrick Mining Corporation $B Bought by Freemont Management S.A.

Key Points

• Freemont Management S.A. bought 40,000 Barrick Mining shares in the third quarter, valued at about $1.63 million; the position represents roughly 1.6% of its portfolio.
• Institutional investors own about 90.8% of Barrick’s stock, and several large funds recently increased or initiated positions.
• Barrick reported quarterly earnings of $0.82 per share and $5.29 billion in revenue, both slightly above estimates; analysts’ consensus rating is “Moderate Buy,” with an average price target of $52.59.

Freemont Management S.A. purchased a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 40,000 shares of the gold and copper producer's stock, valued at approximately $1,627,000. Barrick Mining accounts for about 1.6% of Freemont Management S.A.'s holdings, making the stock its 10th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of B. Renaissance Technologies LLC lifted its position in shares of Barrick Mining by 335.8% during the 1st quarter. Renaissance Technologies LLC now owns 5,476,478 shares of the gold and copper producer's stock valued at $223,386,000 after acquiring an additional 4,219,700 shares during the period. Royal Bank of Canada grew its holdings in Barrick Mining by 10.9% in the first quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer's stock worth $1,615,225,000 after purchasing an additional 3,881,841 shares during the period. Bank of New York Mellon Corp acquired a new stake in Barrick Mining in the second quarter worth $117,374,000. Ninety One UK Ltd grew its holdings in Barrick Mining by 13.1% in the third quarter. Ninety One UK Ltd now owns 14,143,606 shares of the gold and copper producer's stock worth $575,220,000 after purchasing an additional 1,640,224 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Barrick Mining by 46.9% in the first quarter. Lazard Asset Management LLC now owns 3,837,842 shares of the gold and copper producer's stock valued at $156,833,000 after purchasing an additional 1,224,980 shares in the last quarter. 90.82% of the stock is currently owned by institutional investors.

Barrick Mining Stock Performance

NYSE B opened at $40.28 on Friday. The company has a fifty day simple moving average of $41.46 and a 200 day simple moving average of $42.03. Barrick Mining Corporation has a 12-month low of $32.17 and a 12-month high of $54.69. The company has a current ratio of 3.01, a quick ratio of 2.36 and a debt-to-equity ratio of 0.13. The company has a market cap of $65.59 billion, a P/E ratio of 11.73, a PEG ratio of 1.25 and a beta of 0.52.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings data on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. Barrick Mining had a net margin of 31.60% and a return on equity of 16.02%. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. The business's revenue was up 43.8% on a year-over-year basis. Sell-side analysts predict that Barrick Mining Corporation will post 3.49 earnings per share for the current fiscal year.

Barrick Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were given a dividend of $0.1750 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.7%. Barrick Mining's payout ratio is presently 18.04%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on B. RBC Dominion Securities set a $53.00 price objective on shares of Barrick Mining and gave the company an "outperform" rating in a report on Thursday, October 22nd. Barclays increased their price objective on shares of Barrick Mining from $39.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Scotiabank reduced their target price on Barrick Mining from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Canadian Imperial Bank of Commerce lowered Barrick Mining from a "sector outperform" rating to a "neutral" rating and decreased their target price for the company from $57.00 to $49.00 in a research report on Friday, October 16th. Finally, Wall Street Zen lowered Barrick Mining from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $52.59.

Barrick Mining Company Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.

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