Meridian Investment Counsel Inc. Invests $1.43 Million in Barrick Mining Corporation $B

Key Points

• Meridian Investment Counsel Inc. invested $1.43 million in Barrick Mining Corporation by acquiring 68,866 shares during the second quarter.
• Barrrick Mining's revenue increased by 16.4% year-over-year, reporting $3.72 billion for the quarter, which was above analysts' expectations.
• The company announced a dividend of $0.15 per share, representing an annualized yield of 1.7%, with a payout ratio of 37.74%.

Meridian Investment Counsel Inc. acquired a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 68,866 shares of the gold and copper producer's stock, valued at approximately $1,434,000.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Barrick Mining by 0.7% in the first quarter. Vanguard Group Inc. now owns 68,861,295 shares of the gold and copper producer's stock worth $1,337,012,000 after buying an additional 502,762 shares during the period. TD Asset Management Inc raised its stake in shares of Barrick Mining by 1.6% in the first quarter. TD Asset Management Inc now owns 17,950,892 shares of the gold and copper producer's stock worth $348,479,000 after buying an additional 275,015 shares during the period. Mackenzie Financial Corp raised its stake in shares of Barrick Mining by 1.9% in the first quarter. Mackenzie Financial Corp now owns 15,614,848 shares of the gold and copper producer's stock worth $303,161,000 after buying an additional 296,472 shares during the period. Ruffer LLP raised its stake in shares of Barrick Mining by 1.5% in the first quarter. Ruffer LLP now owns 10,426,795 shares of the gold and copper producer's stock worth $202,701,000 after buying an additional 156,947 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its stake in shares of Barrick Mining by 0.6% in the first quarter. ANTIPODES PARTNERS Ltd now owns 10,112,758 shares of the gold and copper producer's stock worth $196,608,000 after buying an additional 61,298 shares during the period. Institutional investors own 90.82% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on B. Scotiabank raised their price objective on Barrick Mining from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. Zacks Research downgraded Barrick Mining from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. National Bankshares raised Barrick Mining to an "outperform" rating in a research note on Monday. Sanford C. Bernstein reissued an "outperform" rating on shares of Barrick Mining in a research note on Wednesday. Finally, Raymond James Financial lifted their target price on Barrick Mining from $32.00 to $36.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.33.

Barrick Mining Stock Up 0.6%

Shares of B opened at $34.47 on Friday. The company has a current ratio of 3.21, a quick ratio of 2.53 and a debt-to-equity ratio of 0.14. Barrick Mining Corporation has a 12-month low of $15.11 and a 12-month high of $36.10. The business's 50 day moving average is $26.18 and its 200 day moving average is $21.93. The company has a market capitalization of $58.70 billion, a PE ratio of 21.68, a price-to-earnings-growth ratio of 0.60 and a beta of 0.28.

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 business had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The company's revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. Research analysts expect that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued a $0.15 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.7%. Barrick Mining's payout ratio is 37.74%.

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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