Foundation Resource Management Inc. Cuts Stake in Barrick Gold Corp (NYSE:B)

Foundation Resource Management Inc. decreased its stake in shares of Barrick Gold Corp (NYSE:B - Free Report) TSE: ABX by 11.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 601,642 shares of the gold and copper producer's stock after selling 79,805 shares during the quarter. Barrick Gold comprises about 1.8% of Foundation Resource Management Inc.'s portfolio, making the stock its 20th biggest holding. Foundation Resource Management Inc.'s holdings in Barrick Gold were worth $11,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in B. Crowley Wealth Management Inc. bought a new stake in Barrick Gold in the 4th quarter valued at $26,000. Vega Investment Solutions bought a new stake in shares of Barrick Gold during the 4th quarter worth $31,000. Nexus Investment Management ULC acquired a new stake in shares of Barrick Gold in the 1st quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Barrick Gold during the fourth quarter worth $37,000. Finally, Ameriflex Group Inc. acquired a new position in Barrick Gold in the 4th quarter worth about $39,000. Institutional investors own 90.82% of the company's stock.

Barrick Gold Stock Performance

NYSE:B traded up $0.20 on Wednesday, reaching $20.24. 11,078,926 shares of the company's stock were exchanged, compared to its average volume of 2,544,426. Barrick Gold Corp has a 52 week low of $17.41 and a 52 week high of $47.50. The firm has a market cap of $34.70 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 0.44 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The stock has a fifty day simple moving average of $19.16 and a 200-day simple moving average of $17.92.

Barrick Gold (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The firm had revenue of $3 billion for the quarter, compared to analysts' expectations of $3.15 billion. During the same period in the prior year, the business posted $0.19 earnings per share. The company's revenue was up 13.9% on a year-over-year basis. As a group, sell-side analysts predict that Barrick Gold Corp will post 1.47 earnings per share for the current year.

Barrick Gold announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a $0.10 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.98%. Barrick Gold's payout ratio is currently 30.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. CIBC lifted their price target on shares of Barrick Gold from $22.00 to $24.00 and gave the stock a "neutral" rating in a report on Wednesday. TD Securities decreased their price target on shares of Barrick Gold from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Royal Bank of Canada boosted their price target on shares of Barrick Gold from $23.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Raymond James boosted their price objective on Barrick Gold from $23.00 to $23.50 and gave the stock an "outperform" rating in a report on Monday, March 31st. Finally, BMO Capital Markets initiated coverage on shares of Barrick Gold in a report on Wednesday, April 16th. They issued a "market perform" rating for the company. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.05.

Barrick Gold 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.