Norden Group LLC Makes New Investment in Barrick Mining Corporation $B

Key Points

• Norden Group LLC has acquired 21,676 shares of Barrick Mining Corporation, valued at approximately $451,000, during the second quarter of 2023.
• Barrick Mining reported a quarterly revenue increase of 16.4% year-over-year, reaching $3.72 billion, with an earnings per share (EPS) of $0.47, meeting analyst expectations.
• The company has recently announced a quarterly dividend of $0.15 per share, which represents an annualized yield of 1.7%, while institutional investors hold 90.82% of the stock.

Norden Group LLC acquired 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 Securities & Exchange Commission. The fund acquired 21,676 shares of the gold and copper producer's stock, valued at approximately $451,000.

Several other large investors also recently added to or reduced their stakes in B. Wealth Enhancement Advisory Services LLC increased its stake in Barrick Mining by 14.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer's stock worth $1,141,000 after acquiring an additional 9,149 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Barrick Mining by 55.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer's stock valued at $43,000 after buying an additional 785 shares during the last quarter. Confluence Investment Management LLC grew its stake in shares of Barrick Mining by 6.9% during the first quarter. Confluence Investment Management LLC now owns 31,798 shares of the gold and copper producer's stock valued at $618,000 after buying an additional 2,047 shares during the last quarter. Versant Capital Management Inc bought a new position in shares of Barrick Mining during the first quarter valued at approximately $97,000. Finally, Moody National Bank Trust Division bought a new position in shares of Barrick Mining during the first quarter valued at approximately $201,000. 90.82% of the stock is owned by institutional investors.

Barrick Mining Stock Up 0.6%

Shares of NYSE:B opened at $34.47 on Friday. Barrick Mining Corporation has a 52-week low of $15.11 and a 52-week high of $36.10. The stock has a market cap of $58.70 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 0.60 and a beta of 0.28. The business's 50 day moving average is $26.18 and its 200 day moving average is $21.93. The company has a quick ratio of 2.53, a current ratio of 3.21 and a debt-to-equity ratio of 0.14.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced 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. 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 analysts' expectations of $3.60 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Barrick Mining's revenue was up 16.4% compared to the same quarter last year. Sell-side analysts predict that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Cuts Dividend

The business also recently announced 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. The ex-dividend date was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a yield of 1.7%. Barrick Mining's dividend payout ratio is currently 37.74%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on B shares. National Bank Financial raised Barrick Mining from a "sector perform" rating to an "outperform" rating in a research note on Monday, September 22nd. CIBC reaffirmed an "outperform" rating on shares of Barrick Mining in a research note on Monday. National Bankshares raised Barrick Mining to an "outperform" rating in a research note on Monday. Raymond James Financial upped 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. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Barrick Mining in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.33.

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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