Mediolanum International Funds Ltd Boosts Stake in Barrick Mining Corporation (NYSE:B)

Key Points

• Mediolanum International Funds Ltd increased its stake in Barrick Mining Corporation by 13.7% during the 1st quarter, holding 147,410 shares valued at approximately $2.83 million as of the end of the quarter.
• Barrick Mining reported a quarterly EPS of $0.35, surpassing estimates, with a year-over-year revenue increase of 13.9%, totaling $3 billion.
• The company declared a quarterly dividend of $0.10 per share, yielding 1.84%, reflecting a payout ratio of 30.08%.

Mediolanum International Funds Ltd raised its position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 13.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 147,410 shares of the gold and copper producer's stock after purchasing an additional 17,719 shares during the period. Mediolanum International Funds Ltd's holdings in Barrick Mining were worth $2,826,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital International Investors grew its stake in shares of Barrick Mining by 136.1% during the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock valued at $516,055,000 after buying an additional 19,189,830 shares during the last quarter. Causeway Capital Management LLC bought a new stake in shares of Barrick Mining in the fourth quarter worth about $172,225,000. Wellington Management Group LLP grew its stake in shares of Barrick Mining by 17.5% in the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer's stock worth $996,802,000 after purchasing an additional 9,598,292 shares during the last quarter. FIL Ltd grew its stake in shares of Barrick Mining by 236.7% in the fourth quarter. FIL Ltd now owns 6,815,946 shares of the gold and copper producer's stock worth $105,692,000 after purchasing an additional 4,791,663 shares during the last quarter. Finally, Capital International Inc. CA bought a new stake in shares of Barrick Mining in the fourth quarter worth about $57,991,000. Hedge funds and other institutional investors own 90.82% of the company's stock.

Barrick Mining Price Performance

Barrick Mining stock traded down $0.05 during mid-day trading on Thursday, hitting $21.05. The stock had a trading volume of 4,177,176 shares, compared to its average volume of 19,893,430. The firm has a market capitalization of $35.92 billion, a P/E ratio of 15.85, a P/E/G ratio of 0.33 and a beta of 0.28. The company has a current ratio of 2.87, a quick ratio of 2.16 and a debt-to-equity ratio of 0.14. The firm's 50 day moving average is $20.70 and its 200 day moving average is $19.08. Barrick Mining Corporation has a one year low of $15.11 and a one year high of $21.95.

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

Barrick Mining Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, May 30th. Barrick Mining's payout ratio is currently 30.08%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. BMO Capital Markets assumed coverage on Barrick Mining in a research report on Wednesday, April 16th. They set a "market perform" rating on the stock. Scotiabank lifted their price objective on Barrick Mining from $20.00 to $22.00 and gave the company a "sector perform" rating in a research report on Monday, April 14th. Royal Bank Of Canada set a $26.00 price objective on Barrick Mining and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised Barrick Mining from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Finally, CIBC lifted their price objective on Barrick Mining from $24.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.41.

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.