Cidel Asset Management Inc. Makes New Investment in Barrick Mining Corporation $B

Key Points

• Cidel Asset Management Inc. purchased 18,500 shares of Barrick Mining Corporation, valued at approximately $384,000, during the second quarter of the year.
• Barrick Mining reported $0.47 earnings per share for the last quarter, meeting expectations, and showed a 16.4% increase in revenue year-over-year, totaling $3.72 billion.
• The company has faced a dividend cut, recently paying a $0.15 quarterly dividend, resulting in an annualized yield of 1.8% and a payout ratio of 37.74%.

Cidel Asset Management Inc. bought a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to its most recent disclosure with the SEC. The firm bought 18,500 shares of the gold and copper producer's stock, valued at approximately $384,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vermillion Wealth Management Inc. acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $25,000. Concord Wealth Partners acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $26,000. Crowley Wealth Management Inc. acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $26,000. Ameriflex Group Inc. acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in shares of Barrick Mining during the 2nd quarter worth about $27,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Barrick Mining Stock Performance

Shares of Barrick Mining stock opened at $33.41 on Monday. The business has a 50-day moving average of $29.71 and a 200 day moving average of $23.49. Barrick Mining Corporation has a 12 month low of $15.11 and a 12 month high of $36.40. The stock has a market capitalization of $56.88 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 0.42 and a beta of 0.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.21 and a quick ratio of 2.53.

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

Barrick Mining Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $0.15 dividend. 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 (DPR) is presently 37.74%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Cibc World Mkts raised Barrick Mining from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Wall Street Zen raised Barrick Mining from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 11th. Royal Bank Of Canada raised their price objective on Barrick Mining from $34.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Weiss Ratings restated a "buy (b-)" rating on shares of Barrick Mining in a report on Tuesday, October 14th. Finally, TD Securities raised their target price on Barrick Mining from $38.00 to $46.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Barrick Mining presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.00.

Barrick Mining 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.

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