Flax Pond Capital LLC Buys 27,600 Shares of Barrick Mining Corporation $B

Key Points

• Flax Pond Capital increased its Barrick Mining stake by 34.4% in the first quarter, purchasing 27,600 shares to hold 107,943 shares valued at approximately $4.4 million. Institutional investors and hedge funds collectively own 90.82% of the company.
• Barrick reported quarterly EPS of $0.98, exceeding analyst expectations of $0.80, while revenue rose 66.7% year over year to $4.11 billion, below the $4.75 billion consensus estimate.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $52.46 versus the stock’s $37.66 price. Barrick declared a quarterly dividend of $0.175, equivalent to a 1.9% annualized yield.

Flax Pond Capital LLC lifted its stake in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 34.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,943 shares of the gold and copper producer's stock after purchasing an additional 27,600 shares during the quarter. Barrick Mining comprises approximately 3.5% of Flax Pond Capital LLC's portfolio, making the stock its 10th biggest position. Flax Pond Capital LLC's holdings in Barrick Mining were worth $4,403,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. FIL Ltd increased its stake in Barrick Mining by 85.3% in the 4th quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock valued at $1,311,169,000 after buying an additional 13,853,587 shares during the period. Van ECK Associates Corp lifted its stake in shares of Barrick Mining by 22.8% in the 4th quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer's stock worth $2,413,699,000 after acquiring an additional 10,287,544 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of Barrick Mining in the 2nd quarter worth $211,263,000. Canada Pension Plan Investment Board purchased a new stake in shares of Barrick Mining in the second quarter valued at about $172,230,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Barrick Mining by 61.9% in the fourth quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock valued at $909,104,000 after acquiring an additional 7,870,411 shares in the last quarter. 90.82% of the stock is owned by institutional investors and hedge funds.

Barrick Mining Stock Performance

B opened at $37.66 on Friday. The stock has a market cap of $62.65 billion, a P/E ratio of 10.40, a P/E/G ratio of 0.77 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.06 and a quick ratio of 2.44. The stock's 50 day simple moving average is $38.57 and its 200 day simple moving average is $42.44. Barrick Mining Corporation has a 1-year low of $20.94 and a 1-year high of $54.69.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.18. The firm had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The firm's quarterly revenue was up 66.7% on a year-over-year basis. As a group, equities analysts anticipate that Barrick Mining Corporation will post 3.57 EPS for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a $0.175 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.9%. Barrick Mining's dividend payout ratio (DPR) is currently 19.34%.

Analyst Ratings Changes

Several research analysts recently issued reports on B shares. JPMorgan Chase & Co. cut their price target on shares of Barrick Mining from $58.00 to $50.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Canadian Imperial Bank of Commerce lowered their price objective on Barrick Mining to $63.00 and set an "outperformer" rating on the stock in a report on Tuesday, April 21st. Bank of America dropped their target price on Barrick Mining from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Scotiabank cut their target price on Barrick Mining from $63.00 to $57.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada reduced their price target on Barrick Mining from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $52.46.

Barrick Mining Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.