Perpetual Ltd Invests $63.42 Million in Barrick Mining Corporation $B

Key Points

• Perpetual Ltd invested approximately $63.42 million in Barrick Mining Corporation during the second quarter, acquiring over 3 million shares, representing 0.18% of the company's stock.
• Barrick Mining's recent earnings report revealed a net revenue of $3.72 billion, exceeding analyst expectations and marking a 16.4% year-over-year increase, with earnings per share matching forecasts at $0.47.
• The company's recent dividend was reduced to $0.15 per share, equating to an annual yield of 2%, reflecting a payout ratio of 37.74%.

Perpetual Ltd acquired a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,046,085 shares of the gold and copper producer's stock, valued at approximately $63,419,000. Perpetual Ltd owned approximately 0.18% of Barrick Mining at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Nexus Investment Management ULC bought a new position in Barrick Mining in the first quarter worth $32,000. Cary Street Partners Investment Advisory LLC bought a new position in Barrick Mining in the first quarter worth $32,000. Vega Investment Solutions bought a new position in shares of Barrick Mining during the fourth quarter valued at $31,000. MassMutual Private Wealth & Trust FSB increased its holdings 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 acquiring an additional 785 shares in the last quarter. Finally, Ameriflex Group Inc. bought a new position in shares of Barrick Mining during the fourth quarter valued at $39,000. Institutional investors own 90.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded Barrick Mining from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Cibc World Mkts upgraded Barrick Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Scotiabank raised their price target on Barrick Mining from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, August 13th. Raymond James Financial raised their price target on Barrick Mining from $32.00 to $36.00 and gave the company an "outperform" rating in a report on Monday. Finally, Zacks Research downgraded Barrick Mining from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Barrick Mining currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.33.

Barrick Mining Price Performance

B traded down $0.27 on Tuesday, hitting $35.09. 13,825,265 shares of the company's stock traded hands, compared to its average volume of 19,878,016. The company's 50 day simple moving average is $25.12 and its 200-day simple moving average is $21.54. The firm has a market cap of $59.75 billion, a price-to-earnings ratio of 22.12, a P/E/G ratio of 0.58 and a beta of 0.27. Barrick Mining Corporation has a one year low of $15.11 and a one year high of $36.10. 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 (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Monday, August 11th. The gold and copper producer reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The firm's quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. As a group, research analysts anticipate that Barrick Mining Corporation will post 1.47 EPS for the current year.

Barrick Mining Cuts Dividend

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

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.