Bank of America Corp DE Cuts Position in Barrick Mining Corporation $B

Key Points

• Bank of America reduced its Barrick Mining position by 11.1% in the first quarter, selling 1.07 million shares and retaining 8.52 million shares worth approximately $347.5 million. Institutional investors and hedge funds collectively own 90.82% of the company.
• Analysts remain broadly positive, with Barrick holding a “Moderate Buy” consensus rating and an average price target of $52.46, although Bank of America and UBS recently lowered their targets.
• Barrick shares opened at $36.73, well below their 52-week high of $54.69. The company exceeded quarterly earnings expectations with $0.98 in EPS, while reporting revenue of $4.11 billion and a quarterly dividend of $0.175 per share.

Bank of America Corp DE reduced its position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 11.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,519,864 shares of the gold and copper producer's stock after selling 1,065,106 shares during the period. Bank of America Corp DE owned about 0.51% of Barrick Mining worth $347,525,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of B. FIL Ltd grew its position in Barrick Mining by 85.3% in the 4th quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock valued at $1,311,169,000 after acquiring an additional 13,853,587 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Barrick Mining by 22.8% during the fourth 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 stake in shares of Barrick Mining in the second quarter valued at $211,263,000. Canada Pension Plan Investment Board purchased a new position in Barrick Mining in the second quarter valued at $172,230,000. Finally, Mackenzie Financial Corp grew its stake in 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 worth $909,104,000 after purchasing an additional 7,870,411 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

B has been the topic of several recent research reports. Bank of America cut their price target on Barrick Mining from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Wall Street Zen downgraded Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. UBS Group cut their target price on shares of Barrick Mining from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Canadian Imperial Bank of Commerce reduced their target price on shares of Barrick Mining to $63.00 and set an "outperformer" rating on the stock in a report on Tuesday, April 21st. Finally, ATB Cormark Capital Markets downgraded shares of Barrick Mining from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 7th. One investment 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $52.46.

Barrick Mining Stock Performance

Shares of B opened at $36.73 on Monday. The company has a market capitalization of $60.45 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 0.78 and a beta of 0.47. Barrick Mining Corporation has a 52-week low of $20.94 and a 52-week high of $54.69. The company has a quick ratio of 2.44, a current ratio of 3.06 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $38.49 and a 200 day moving average price of $42.35.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.18. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The company had revenue of $4.11 billion for the quarter, compared to analysts' expectations of $4.75 billion. The company's revenue was up 66.7% on a year-over-year basis. Research analysts predict that Barrick Mining Corporation will post 3.57 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a $0.175 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.9%. Barrick Mining's payout ratio is 19.34%.

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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