Barrick Mining Corporation $B Shares Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Barrick Mining stake by 2,215.2% in the third quarter, acquiring 409,813 additional shares for a total holding of 428,313 shares valued at approximately $17.46 million. Institutional investors collectively own 90.82% of the company.
• Barrick reported quarterly EPS of $0.82, slightly exceeding estimates, while revenue reached $5.29 billion, up 43.8% year over year. The company also maintains a quarterly dividend of $0.175 per share, equivalent to a 1.9% yield.
• Shares opened at $36.99 after declining 4.3%, and analyst sentiment remains a consensus “Moderate Buy,” with an average price target of $52.59 despite several recent rating and target-price reductions.

Cidel Asset Management Inc. raised its position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 2,215.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 428,313 shares of the gold and copper producer's stock after acquiring an additional 409,813 shares during the period. Cidel Asset Management Inc.'s holdings in Barrick Mining were worth $17,458,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. MGO One Seven LLC lifted its stake in Barrick Mining by 31.3% in the third quarter. MGO One Seven LLC now owns 32,016 shares of the gold and copper producer's stock worth $1,302,000 after purchasing an additional 7,631 shares during the last quarter. Fusion Capital LLC purchased a new position in shares of Barrick Mining during the third quarter valued at approximately $4,908,000. Lebenthal Global Advisors LLC boosted its position in shares of Barrick Mining by 7.7% during the third quarter. Lebenthal Global Advisors LLC now owns 51,498 shares of the gold and copper producer's stock valued at $2,094,000 after buying an additional 3,695 shares during the period. Moody Aldrich Partners LLC bought a new position in shares of Barrick Mining during the third quarter valued at approximately $522,000. Finally, Great Lakes Retirement Inc. grew its stake in shares of Barrick Mining by 3.1% during the third quarter. Great Lakes Retirement Inc. now owns 36,471 shares of the gold and copper producer's stock valued at $1,483,000 after buying an additional 1,085 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Barrick Mining Trading Down 4.3%

Shares of B opened at $36.99 on Friday. Barrick Mining Corporation has a 1-year low of $31.61 and a 1-year high of $54.69. The company has a 50-day moving average of $42.18 and a 200 day moving average of $42.24. The firm has a market capitalization of $60.47 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.15 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.01 and a quick ratio of 2.36.

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 (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.10 billion. Barrick Mining had a net margin of 31.60% and a return on equity of 16.02%. The firm's quarterly revenue was up 43.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. On average, research analysts expect that Barrick Mining Corporation will post 3.49 EPS for the current year.

Barrick Mining Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were paid a dividend of $0.1750 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, August 31st. Barrick Mining's payout ratio is currently 18.04%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on B shares. Wall Street Zen downgraded Barrick Mining from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Canadian Imperial Bank of Commerce cut Barrick Mining from a "sector outperform" rating to a "neutral" rating and dropped their price objective for the company from $57.00 to $49.00 in a report on Friday, October 16th. Weiss Ratings upgraded Barrick Mining from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Freedom Broker downgraded Barrick Mining from a "buy" rating to a "hold" rating and cut their price objective for the company from $54.00 to $46.00 in a research report on Thursday, October 22nd. Finally, Bank of America reduced their target price on Barrick Mining from $56.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.59.

Barrick Mining 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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