Bank of Nova Scotia Acquires 137,951 Shares of Barrick Mining Corporation (NYSE:B)

Key Points

• The Bank of Nova Scotia increased its stake in Barrick Mining Corporation by 2.4%, owning approximately $113.29 million worth of shares at the end of the last quarter.
• Several institutional investors, including Geode Capital Management, have also increased their holdings, contributing to a total institutional ownership of 90.82% in Barrick Mining.
• Analysts have a consensus rating of "Moderate Buy" for Barrick Mining, with a current price target averaging around $24.41.

Bank of Nova Scotia raised its holdings in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 2.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,834,366 shares of the gold and copper producer's stock after acquiring an additional 137,951 shares during the quarter. Bank of Nova Scotia owned approximately 0.34% of Barrick Mining worth $113,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Nexus Investment Management ULC bought a new position in Barrick Mining during the 1st quarter valued at about $32,000. Vega Investment Solutions bought a new position in Barrick Mining during the 4th quarter valued at about $31,000. MassMutual Private Wealth & Trust FSB grew its holdings in Barrick Mining by 55.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer's stock valued at $43,000 after purchasing an additional 785 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Barrick Mining during the 4th quarter valued at about $37,000. Finally, Ameriflex Group Inc. purchased a new stake in Barrick Mining in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on B shares. BMO Capital Markets began coverage on shares of Barrick Mining in a research report on Wednesday, April 16th. They set a "market perform" rating for the company. Royal Bank Of Canada set a $26.00 target price on shares of Barrick Mining and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. CIBC boosted their price target on shares of Barrick Mining from $24.00 to $28.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Barrick Mining from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Finally, UBS Group increased their price target on shares of Barrick Mining from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, April 11th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $24.41.

Barrick Mining Trading Up 4.0%

NYSE B traded up $0.85 during mid-day trading on Monday, hitting $22.22. The company's stock had a trading volume of 16,789,590 shares, compared to its average volume of 10,406,852. Barrick Mining Corporation has a 52-week low of $15.11 and a 52-week high of $22.27. The stock's fifty day simple moving average is $20.80 and its two-hundred day simple moving average is $19.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.87 and a quick ratio of 2.16. The firm has a market capitalization of $37.91 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 0.32 and a beta of 0.27.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Barrick Mining had a net margin of 17.46% and a return on equity of 7.51%. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the company earned $0.19 earnings per share. The business's quarterly revenue was up 13.9% compared to the same quarter last year. Research analysts expect that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, May 30th. Barrick Mining's payout ratio is presently 30.08%.

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.