Independent Financial Group LLC Invests $2.20 Million in Barrick Mining Corporation $B

Key Points

• Independent Financial Group LLC initiated a new position in Barrick Mining in the first quarter, buying 54,040 shares valued at about $2.2 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 90.82% of Barrick’s stock. Several large investors also increased their stakes during the latest reported quarter.
• Analysts are still broadly positive on the gold and copper producer, though several recently trimmed price targets; the stock currently carries a Moderate Buy consensus with an average target price of $53.85.

Independent Financial Group LLC bought a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 54,040 shares of the gold and copper producer's stock, valued at approximately $2,202,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in shares of Barrick Mining by 22.8% during the fourth 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 buying an additional 10,287,544 shares during the period. FIL Ltd raised its holdings in shares of 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. Mackenzie Financial Corp raised its holdings in shares of Barrick Mining by 61.9% in the 4th quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock valued at $909,104,000 after buying an additional 7,870,411 shares during the period. TD Asset Management Inc raised its holdings in shares of Barrick Mining by 5.6% in the 4th quarter. TD Asset Management Inc now owns 20,395,667 shares of the gold and copper producer's stock valued at $889,627,000 after buying an additional 1,086,332 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in Barrick Mining by 8.8% during the 4th quarter. CIBC Asset Management Inc now owns 19,902,944 shares of the gold and copper producer's stock worth $869,964,000 after acquiring an additional 1,615,386 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on B. Bank of America lowered their target price on Barrick Mining from $58.00 to $56.00 and set a "buy" rating for the company in a report on Thursday, July 9th. UBS Group cut their price target on shares of Barrick Mining from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Canadian Imperial Bank of Commerce reduced their price target on shares of Barrick Mining to $63.00 and set an "outperformer" rating on the stock in a research report on Tuesday, April 21st. Royal Bank Of Canada lowered their price objective on shares of Barrick Mining from $51.00 to $49.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Finally, Scotiabank dropped their price objective on shares of Barrick Mining from $63.00 to $57.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.85.

Barrick Mining Trading Up 0.2%

NYSE:B opened at $34.93 on Friday. Barrick Mining Corporation has a 12-month low of $20.68 and a 12-month high of $54.69. The firm has a market cap of $58.10 billion, a PE ratio of 9.65, a price-to-earnings-growth ratio of 0.75 and a beta of 0.48. The company has a current ratio of 3.06, a quick ratio of 2.44 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $39.63 and a 200 day moving average price of $43.01.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.18. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The company's revenue for the quarter was up 66.7% on a year-over-year basis. Sell-side analysts anticipate that Barrick Mining Corporation will post 3.61 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders 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 dividend yield of 2.0%. Barrick Mining's payout ratio is currently 19.34%.

Barrick Mining 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.

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