First City Capital Management Inc. Takes Position in Barrick Mining Corporation $B

Key Points

• First City Capital Management Inc. has acquired a new stake in Barrick Mining, purchasing 26,612 shares valued at approximately $554,000 during the second quarter.
• According to various analysts, Barrick Mining's target prices have been increased, with Raymond James raising theirs from $32 to $36 and UBS from $26 to $35, reflecting a positive outlook on the stock.
• Barrick Mining reported a revenue increase of 16.4% year-over-year for the latest quarter, posting $3.72 billion and matching consensus EPS estimates at $0.47.

First City Capital Management Inc. purchased a new stake in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 26,612 shares of the gold and copper producer's stock, valued at approximately $554,000.

Other hedge funds have also recently made changes to their positions in the company. SJS Investment Consulting Inc. purchased a new position in shares of Barrick Mining during the 2nd quarter valued at $29,000. Nexus Investment Management ULC purchased a new position in Barrick Mining in the first quarter worth $32,000. Cary Street Partners Investment Advisory LLC purchased a new position in Barrick Mining in the first quarter worth $32,000. Ameriflex Group Inc. purchased a new position in Barrick Mining in the fourth quarter worth $39,000. Finally, AdvisorNet Financial Inc purchased a new position in Barrick Mining in the second quarter worth $39,000. 90.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Raymond James Financial upped their target price on shares of Barrick Mining from $32.00 to $36.00 and gave the stock an "outperform" rating in a research report on Monday. Zacks Research lowered shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. UBS Group upped their target price on shares of Barrick Mining from $26.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. National Bank Financial upgraded shares of Barrick Mining from a "sector perform" rating to an "outperform" rating in a research report on Monday. Finally, Wall Street Zen lowered shares of Barrick Mining from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $33.33.

Barrick Mining Stock Performance

NYSE B opened at $33.61 on Thursday. The company has a 50-day simple moving average of $25.64 and a two-hundred day simple moving average of $21.71. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. Barrick Mining Corporation has a 12-month low of $15.11 and a 12-month high of $36.10. The firm has a market cap of $57.23 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 0.61 and a beta of 0.28.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last posted its quarterly earnings results 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. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.60 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company's revenue was up 16.4% on a year-over-year basis. On average, equities analysts forecast that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid 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 of this dividend was Friday, August 29th. Barrick Mining's dividend payout ratio is 37.74%.

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.

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