Allspring Global Investments Holdings LLC Sells 179,891 Shares of Barrick Mining Corporation $B

Key Points

• Allspring Global Investments cut its Barrick Mining stake by 10.7% in the first quarter, selling 179,891 shares and leaving it with 1,499,168 shares valued at about $63.3 million.
• Barrick reported strong quarterly earnings of $0.98 per share, beating estimates, though revenue of $4.11 billion came in below expectations; sales still rose 66.7% from a year ago.
• Analysts remain broadly positive, with a Moderate Buy consensus and a $53.85 average price target, even as several firms recently trimmed their targets.

Allspring Global Investments Holdings LLC lowered its position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 10.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,499,168 shares of the gold and copper producer's stock after selling 179,891 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.09% of Barrick Mining worth $63,265,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. FIL Ltd lifted its stake in shares of Barrick Mining by 85.3% during the 4th quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock worth $1,311,169,000 after buying an additional 13,853,587 shares during the last quarter. Van ECK Associates Corp increased its stake in Barrick Mining by 22.8% during the 4th quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer's stock worth $2,413,699,000 after acquiring an additional 10,287,544 shares during the period. Ameriprise Financial Inc. acquired a new position in Barrick Mining in the 2nd quarter valued at $211,263,000. Canada Pension Plan Investment Board bought a new stake in shares of Barrick Mining during the 2nd quarter valued at $172,230,000. Finally, Mackenzie Financial Corp lifted its position in shares of Barrick Mining by 61.9% during the 4th quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock valued at $909,104,000 after acquiring an additional 7,870,411 shares during the period. 90.82% of the stock is owned by institutional investors.

Barrick Mining Stock Performance

NYSE B opened at $34.93 on Friday. The firm's fifty day moving average price is $39.63 and its two-hundred day moving average price is $43.01. The stock has a market cap of $58.10 billion, a PE ratio of 9.65, a PEG ratio of 0.75 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06. Barrick Mining Corporation has a fifty-two week low of $20.68 and a fifty-two week high of $54.69.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.18. The company had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The firm's revenue was up 66.7% compared to the same quarter last year. On average, equities analysts expect that Barrick Mining Corporation will post 3.61 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 29th. Barrick Mining's dividend payout ratio (DPR) is presently 19.34%.

Wall Street Analysts Forecast Growth

B has been the subject of a number of analyst reports. Scotiabank dropped their price target on Barrick Mining from $63.00 to $57.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. Barclays decreased their target price on shares of Barrick Mining from $41.00 to $39.00 and set an "equal weight" rating on the stock in a report on Wednesday. Canadian Imperial Bank of Commerce cut their price target on shares of Barrick Mining to $63.00 and set an "outperformer" rating for the company in a report on Tuesday, April 21st. UBS Group reduced their price target on shares of Barrick Mining from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Finally, Weiss Ratings cut shares of Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Barrick Mining currently has an average rating of "Moderate Buy" and a consensus price target of $53.85.

Barrick Mining Profile

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

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