McElhenny Sheffield Capital Management LLC Invests $418,000 in Barrick Mining Corporation $B

Key Points

• McElhenny Sheffield Capital Management LLC has invested approximately $418,000 in Barrick Mining Corporation, acquiring 20,054 shares in the second quarter.
• Despite a recent 2.6% decline in share price, Barrick Mining reported strong earnings, with a quarterly revenue of $3.72 billion, surpassing estimates.
• Analysts have shown positive sentiment towards Barrick Mining, with several firms increasing their price targets, and a consensus rating of "Moderate Buy" for the stock.

McElhenny Sheffield Capital Management LLC purchased a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,054 shares of the gold and copper producer's stock, valued at approximately $418,000.

Other hedge funds have also made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $25,000. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $27,000. Trifecta Capital Advisors LLC purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $27,000. Finally, SJS Investment Consulting Inc. purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $29,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Barrick Mining Trading Down 2.6%

Shares of B stock opened at $33.03 on Friday. Barrick Mining Corporation has a 12 month low of $15.11 and a 12 month high of $36.10. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14. The business's 50 day moving average is $28.35 and its two-hundred day moving average is $22.83. The company has a market cap of $56.24 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 0.56 and a beta of 0.30.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly 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. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same quarter last year, the company posted $0.32 earnings per share. The company's revenue for the quarter was up 16.4% compared to the same quarter last year. Equities analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 29th. Barrick Mining's dividend payout ratio (DPR) is 37.74%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on B shares. Raymond James Financial increased their price target on shares of Barrick Mining from $32.00 to $36.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. TD Securities increased their price target on shares of Barrick Mining from $38.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Weiss Ratings restated a "buy (b)" rating on shares of Barrick Mining in a report on Saturday, September 27th. Finally, Bank of America increased their price objective on Barrick Mining from $29.00 to $34.00 and gave the stock a "neutral" rating in a report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Barrick Mining presently has a consensus rating of "Moderate Buy" and an average target price of $36.50.

About Barrick Mining

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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