Lafayette Investments Inc. Buys New Shares in Barrick Mining Corporation $B

Key Points

• Lafayette Investments Inc. has acquired a new position in Barrick Mining Corporation, purchasing 330,451 shares valued at approximately $6.88 million, constituting about 1.4% of its total holdings.
• Barrick Mining's latest quarterly earnings showed a revenue of $3.72 billion and an earnings per share (EPS) of $0.47, meeting analysts' expectations.
• Analysts are optimistic about Barrick Mining, with several raising price targets; Citigroup sets a target at $38.00 while Raymond James Financial sets it at $40.00, with market sentiment leaning toward a "Moderate Buy."

Lafayette Investments Inc. purchased a new position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 330,451 shares of the gold and copper producer's stock, valued at approximately $6,880,000. Barrick Mining makes up about 1.4% of Lafayette Investments Inc.'s holdings, making the stock its 17th biggest position.

A number of other large investors also recently modified their holdings of B. apricus wealth LLC bought a new position in shares of Barrick Mining in the 2nd quarter valued at about $2,248,000. Maj Invest Holding A S acquired a new position in Barrick Mining during the second quarter valued at approximately $5,377,000. Phoenix Financial Ltd. bought a new position in Barrick Mining in the second quarter valued at approximately $1,129,000. Bogart Wealth LLC acquired a new position in shares of Barrick Mining during the 2nd quarter worth approximately $130,000. Finally, Alan B Lancz & Associates Inc. acquired a new position in shares of Barrick Mining during the 2nd quarter worth approximately $445,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Stock Performance

Shares of B stock opened at $34.75 on Tuesday. Barrick Mining Corporation has a 52 week low of $15.11 and a 52 week high of $36.40. The company has a market capitalization of $59.18 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 0.42 and a beta of 0.30. The company has a 50-day simple moving average of $29.95 and a 200 day simple moving average of $23.61. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The firm had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The business's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.32 earnings per share. On average, sell-side analysts predict 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 was paid on Monday, September 15th. Investors of record on Friday, August 29th were paid a $0.15 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.7%. Barrick Mining's dividend payout ratio is 37.74%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on B shares. Citigroup raised their target price on shares of Barrick Mining from $21.00 to $38.00 and gave the company a "neutral" rating in a research note on Wednesday, October 15th. Raymond James Financial set a $40.00 price target on shares of Barrick Mining and gave the company an "outperform" rating in a research note on Friday, October 10th. UBS Group boosted their price objective on shares of Barrick Mining from $35.00 to $39.00 and gave the stock a "buy" rating in a research note on Thursday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Barrick Mining in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded Barrick Mining from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 11th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $41.00.

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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