NewEdge Advisors LLC Grows Stock Position in Barrick Mining Corporation $B

Key Points

• NewEdge Advisors increased its Barrick Mining position by 231.3% in the second quarter, reaching 138,414 shares valued at approximately $5.1 million. Institutional investors collectively own 90.82% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $52.63, although several firms recently lowered their targets.
• Barrick reported quarterly EPS of $0.82, slightly exceeding estimates, while revenue rose 43.8% year over year. The company also declared a quarterly dividend of $0.175 per share, equivalent to a 1.7% annualized yield.

NewEdge Advisors LLC grew its position in shares of Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 231.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 138,414 shares of the gold and copper producer's stock after buying an additional 96,636 shares during the period. NewEdge Advisors LLC's holdings in Barrick Mining were worth $5,084,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Spark Investment Management LLC raised its stake in Barrick Mining by 31.6% in the 2nd quarter. Spark Investment Management LLC now owns 50,000 shares of the gold and copper producer's stock valued at $1,837,000 after acquiring an additional 12,000 shares during the period. West Family Investments Inc. boosted its position in Barrick Mining by 82.8% during the second quarter. West Family Investments Inc. now owns 9,811 shares of the gold and copper producer's stock worth $360,000 after purchasing an additional 4,444 shares during the period. Bank OZK boosted its position in Barrick Mining by 24.1% during the second quarter. Bank OZK now owns 39,317 shares of the gold and copper producer's stock worth $1,444,000 after purchasing an additional 7,635 shares during the period. Nykredit A S purchased a new position in shares of Barrick Mining in the second quarter worth about $3,917,000. Finally, Groupe la Francaise increased its stake in shares of Barrick Mining by 3.3% in the second quarter. Groupe la Francaise now owns 943,327 shares of the gold and copper producer's stock worth $34,667,000 after purchasing an additional 29,816 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen cut shares of Barrick Mining from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Sanford C. Bernstein reduced their price objective on shares of Barrick Mining from $61.00 to $56.50 and set an "outperform" rating for the company in a research note on Wednesday, September 9th. Scotiabank reduced their price objective on shares of Barrick Mining from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. TD lowered their target price on shares of Barrick Mining from $61.00 to $59.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. increased their target price on Barrick Mining from $50.00 to $52.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.63.

Barrick Mining Stock Performance

Barrick Mining stock opened at $42.35 on Tuesday. Barrick Mining Corporation has a 1-year low of $28.38 and a 1-year high of $54.69. The company has a current ratio of 3.01, a quick ratio of 2.36 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $69.71 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.28 and a beta of 0.51. The firm's 50 day simple moving average is $40.90 and its 200 day simple moving average is $41.29.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced its quarterly earnings results on Monday, August 10th. The gold and copper producer reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $5.10 billion. Barrick Mining had a net margin of 31.60% and a return on equity of 16.02%. The business's quarterly revenue was up 43.8% compared to the same quarter last year. During the same period last year, the firm earned $0.47 EPS. As a group, analysts expect that Barrick Mining Corporation will post 3.48 earnings per share for the current fiscal year.

Barrick Mining Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.70 annualized dividend and a yield of 1.7%. Barrick Mining's dividend payout ratio (DPR) is currently 18.04%.

Barrick Mining Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the production of gold and copper. Its activities include the exploration, development, construction and operation of mines, as well as processing ore into refined metal products.

The company operates and holds interests in mining assets across several regions, including North America, South America, Africa, the Middle East and Papua New Guinea. Its portfolio includes gold operations such as Nevada Gold Mines in the United States, Pueblo Viejo in the Dominican Republic, Veladero in Argentina, Kibali in the Democratic Republic of the Congo, and North Mara and Bulyanhulu in Tanzania.

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