Barrick Mining Corporation $B Shares Sold by Bronte Capital Management Pty Ltd.

Key Points

• Bronte Capital trimmed its Barrick position by 22.6%, selling 48,213 shares and ending the quarter with 164,856 shares worth $7.18 million (about 0.8% of its portfolio and its 20th largest holding).
• Barrick beat quarterly expectations with $1.04 EPS vs. $0.85 expected and $5.98B revenue (up 44.6% YoY), and raised its quarterly dividend to $0.42 ($1.68 annualized, ~4.3% yield).
• Institutional ownership is high at 90.82%; analysts have an average rating of "Moderate Buy" with a $54.17 price target, while several large funds (e.g., Capital International, CIBC, Connor Clark & Lunn) materially increased stakes.

Bronte Capital Management Pty Ltd. cut its stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 22.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,856 shares of the gold and copper producer's stock after selling 48,213 shares during the quarter. Barrick Mining comprises approximately 0.8% of Bronte Capital Management Pty Ltd.'s investment portfolio, making the stock its 20th biggest position. Bronte Capital Management Pty Ltd.'s holdings in Barrick Mining were worth $7,179,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of B. Capital International Investors increased its stake in shares of Barrick Mining by 35.9% in the 3rd quarter. Capital International Investors now owns 101,846,588 shares of the gold and copper producer's stock worth $3,340,709,000 after acquiring an additional 26,921,219 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Barrick Mining by 316.0% in the 3rd quarter. CIBC Asset Management Inc now owns 18,287,558 shares of the gold and copper producer's stock worth $601,115,000 after acquiring an additional 13,891,886 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Barrick Mining in the 2nd quarter worth $211,263,000. Canada Pension Plan Investment Board acquired a new stake in shares of Barrick Mining in the 2nd quarter worth $172,230,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Barrick Mining by 664.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,013,464 shares of the gold and copper producer's stock worth $295,977,000 after purchasing an additional 7,833,887 shares during the period. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

B has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Barrick Mining in a research report on Friday, March 27th. ATB Cormark Capital Markets downgraded Barrick Mining from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Zacks Research downgraded Barrick Mining from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 13th. Wall Street Zen raised Barrick Mining from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 7th. Finally, DZ Bank raised Barrick Mining to a "strong-buy" rating in a research report on Monday, January 19th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.17.

Barrick Mining Stock Up 1.0%

Shares of NYSE:B opened at $38.72 on Wednesday. The business has a 50-day moving average price of $42.67 and a 200 day moving average price of $42.45. The company has a current ratio of 2.92, a quick ratio of 2.33 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $64.88 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.14 and a beta of 0.41. Barrick Mining Corporation has a 12-month low of $17.41 and a 12-month high of $54.69.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its earnings results on Thursday, February 5th. The gold and copper producer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.19. Barrick Mining had a return on equity of 12.10% and a net margin of 29.45%.The company had revenue of $5.98 billion during the quarter, compared to analysts' expectations of $5.15 billion. Barrick Mining's revenue for the quarter was up 44.6% compared to the same quarter last year. Sell-side analysts expect that Barrick Mining Corporation will post 3.56 EPS for the current year.

Barrick Mining Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were issued a dividend of $0.42 per share. This is a positive change from Barrick Mining's previous quarterly dividend of $0.18. The ex-dividend date was Friday, February 27th. This represents a $1.68 dividend on an annualized basis and a yield of 4.3%. Barrick Mining's dividend payout ratio (DPR) is 57.34%.

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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