Hedges Asset Management LLC Buys Shares of 60,000 Barrick Mining Corporation $B

Key Points

• Hedges Asset Management LLC acquired 60,000 shares of Barrick Mining Corporation for around $1.25 million, marking a new stake in the gold and copper producer.
• Analysts are optimistic about Barrick Mining, with CIBC upgrading its stock to "outperform" and Zacks cutting it to "hold," reflecting mixed but generally favorable sentiment among investors.
• Barrick Mining recently declared a quarterly dividend of $0.15, with a yield of 2.1%, as the company maintains a healthy payout ratio of 37.74% amidst future earnings projections.

Hedges Asset Management LLC bought a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 60,000 shares of the gold and copper producer's stock, valued at approximately $1,249,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC lifted its stake in shares of Barrick Mining by 21.8% in the first quarter. Farther Finance Advisors LLC now owns 3,146 shares of the gold and copper producer's stock worth $62,000 after buying an additional 563 shares during the last quarter. Sapient Capital LLC lifted its stake in shares of Barrick Mining by 0.5% in the first quarter. Sapient Capital LLC now owns 114,572 shares of the gold and copper producer's stock worth $2,227,000 after buying an additional 624 shares during the last quarter. Kestra Private Wealth Services LLC lifted its stake in shares of Barrick Mining by 2.5% in the first quarter. Kestra Private Wealth Services LLC now owns 28,724 shares of the gold and copper producer's stock worth $558,000 after buying an additional 710 shares during the last quarter. Nicholas Hoffman & Company LLC. lifted its stake in shares of Barrick Mining by 1.5% in the first quarter. Nicholas Hoffman & Company LLC. now owns 47,544 shares of the gold and copper producer's stock worth $924,000 after buying an additional 716 shares during the last quarter. Finally, Edge Wealth Management LLC lifted its stake in shares of Barrick Mining by 6.1% in the first quarter. Edge Wealth Management LLC now owns 13,110 shares of the gold and copper producer's stock worth $255,000 after buying an additional 755 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. CIBC upgraded shares of Barrick Mining from a "neutral" rating to an "outperform" rating in a research note on Tuesday, August 12th. Cibc World Mkts upgraded shares of Barrick Mining from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. Zacks Research cut shares of Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Royal Bank Of Canada set a $26.00 price objective on shares of Barrick Mining and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Scotiabank boosted their price objective on shares of Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Barrick Mining currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.94.

Barrick Mining Price Performance

NYSE:B opened at $29.05 on Friday. The stock has a market cap of $49.47 billion, a P/E ratio of 18.27, a PEG ratio of 0.54 and a beta of 0.28. Barrick Mining Corporation has a one year low of $15.11 and a one year high of $29.79. The company has a fifty day moving average price of $23.94 and a 200 day moving average price of $20.98. 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 released its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business's quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 EPS. Analysts anticipate that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, August 29th. Barrick Mining's payout ratio is 37.74%.

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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