Cardinal Point Capital Management ULC Takes $447,000 Position in Barrick Mining Corporation $B

Key Points

• Cardinal Point Capital Management has acquired a new position in Barrick Mining Corporation with an investment valued at approximately $447,000 during the second quarter.
• Barrick Mining reported a 16.4% year-over-year increase in revenue for the latest quarter, totaling $3.72 billion, while maintaining an EPS of $0.47.
• The company recently cut its dividend to $0.15 per share, leading to a 1.8% dividend yield for shareholders.

Cardinal Point Capital Management ULC acquired a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 21,525 shares of the gold and copper producer's stock, valued at approximately $447,000.

Other institutional investors also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new position in Barrick Mining during the 2nd quarter worth $25,000. Concord Wealth Partners purchased a new position in shares of Barrick Mining during the second quarter valued at $26,000. Crowley Wealth Management Inc. bought a new stake in shares of Barrick Mining in the second quarter valued at about $26,000. Ameriflex Group Inc. bought a new stake in shares of Barrick Mining in the second quarter valued at about $27,000. Finally, Trifecta Capital Advisors LLC bought a new stake in shares of Barrick Mining in the second quarter valued at about $27,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Mining Stock Up 1.8%

Barrick Mining stock opened at $32.51 on Friday. The business has a fifty day moving average of $30.59 and a two-hundred day moving average of $23.92. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. The firm has a market cap of $55.35 billion, a P/E ratio of 20.44, a P/E/G ratio of 0.40 and a beta of 0.30. Barrick Mining Corporation has a twelve month low of $15.11 and a twelve month high of $36.40.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The firm had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the prior year, the business posted $0.32 EPS. The business's revenue for the quarter was up 16.4% compared to the same quarter last year. On average, analysts forecast that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 29th. Barrick Mining's dividend payout ratio is currently 37.74%.

Analyst Ratings Changes

Several analysts recently weighed in on B shares. Bank of America lifted their price objective on Barrick Mining from $36.00 to $38.00 and gave the company a "neutral" rating in a report on Thursday, October 16th. TD Securities lifted their price objective on Barrick Mining from $38.00 to $46.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Weiss Ratings restated a "buy (b-)" rating on shares of Barrick Mining in a report on Tuesday, October 14th. CIBC upped their target price on Barrick Mining from $38.00 to $50.00 and gave the stock an "outperformer" rating in a report on Friday, October 10th. Finally, Citigroup upped their target price on Barrick Mining from $21.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $42.70.

About Barrick Mining

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.

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