Empyrean Capital Partners LP Sells 153,200 Shares of Barrick Mining Corporation $B

Key Points

• Empyrean Capital Partners cut its Barrick Mining stake by 18.7%, selling 153,200 shares and retaining 667,800 shares valued at approximately $27.24 million. Institutional investors own 90.82% of the company.
• Analysts remain generally positive, with one Strong Buy, 17 Buy, and four Hold ratings. Barrick has a “Moderate Buy” consensus rating and an average price target of $52.46, despite several recent target and rating reductions.
• Barrick exceeded quarterly earnings expectations with EPS of $0.98 versus the $0.80 consensus, while revenue rose 66.7% year over year to $4.11 billion. The company pays an annualized dividend of $0.70 per share, yielding about 1.9%.

Empyrean Capital Partners LP reduced its stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 18.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 667,800 shares of the gold and copper producer's stock after selling 153,200 shares during the quarter. Empyrean Capital Partners LP's holdings in Barrick Mining were worth $27,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of B. Westside Investment Management Inc. bought a new position in shares of Barrick Mining in the 4th quarter worth $25,000. Financial Consulate Inc. lifted its holdings in shares of Barrick Mining by 1,042.0% during the 4th quarter. Financial Consulate Inc. now owns 571 shares of the gold and copper producer's stock worth $25,000 after acquiring an additional 521 shares during the last quarter. Intesa Sanpaolo Wealth Management bought a new stake in shares of Barrick Mining during the 4th quarter worth $26,000. Ascentis Independent Advisors purchased a new position in Barrick Mining in the first quarter worth $28,000. Finally, Laurel Wealth Advisors LLC bought a new position in Barrick Mining in the fourth quarter valued at $30,000. 90.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on B. UBS Group cut their price objective on Barrick Mining from $54.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Scotiabank dropped their target price on Barrick Mining from $63.00 to $57.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. Wall Street Zen lowered Barrick Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday. ATB Cormark Capital Markets lowered Barrick Mining from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings cut shares of Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $52.46.

Barrick Mining Price Performance

B stock opened at $37.34 on Tuesday. The stock has a market capitalization of $62.10 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 0.79 and a beta of 0.48. The firm's 50-day moving average price is $38.79 and its two-hundred day moving average price is $42.66. The company has a current ratio of 3.06, a quick ratio of 2.44 and a debt-to-equity ratio of 0.13. Barrick Mining Corporation has a 12-month low of $20.94 and a 12-month high of $54.69.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.18. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.75 billion. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The firm's quarterly revenue was up 66.7% on a year-over-year basis. As a group, equities analysts predict that Barrick Mining Corporation will post 3.56 earnings per share for the current year.

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.9%. Barrick Mining's dividend payout ratio is presently 19.34%.

About Barrick Mining

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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