Quantitative Investment Management LLC Trims Position in Barrick Mining Corporation $B

Key Points

• Quantitative Investment Management LLC cut its Barrick Mining position by 53.2% in the second quarter, selling 28,470 shares and retaining 25,062 shares valued at approximately $920,000. Institutional investors collectively own 90.82% of the company.
• Analysts remain broadly positive, with 1 Strong Buy, 18 Buy, and 4 Hold ratings. Barrick has an average “Moderate Buy” rating and a consensus price target of $52.57.
• Barrick reported quarterly earnings of $0.82 per share, slightly above estimates, while revenue rose 43.8% year over year to $4.19 billion. The company also declared a quarterly dividend of $0.175 per share, representing a 1.6% annualized yield.

Quantitative Investment Management LLC decreased its holdings in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX by 53.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,062 shares of the gold and copper producer's stock after selling 28,470 shares during the quarter. Quantitative Investment Management LLC's holdings in Barrick Mining were worth $920,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Williamson Legacy Group LLC purchased a new stake in Barrick Mining in the fourth quarter worth about $1,315,000. Great Diamond Partners LLC purchased a new position in shares of Barrick Mining during the fourth quarter valued at approximately $2,393,000. GeoSphere Capital Management LLC bought a new stake in shares of Barrick Mining in the 4th quarter worth approximately $1,960,000. Erste Asset Management GmbH boosted its position in shares of Barrick Mining by 146.9% in the 4th quarter. Erste Asset Management GmbH now owns 43,700 shares of the gold and copper producer's stock worth $1,911,000 after purchasing an additional 26,000 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its stake in shares of Barrick Mining by 7.2% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,165,501 shares of the gold and copper producer's stock worth $50,861,000 after buying an additional 78,750 shares during the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on B. Citigroup reiterated a "positive" rating on shares of Barrick Mining in a research note on Wednesday, July 15th. 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 note on Friday, August 14th. Bank of America reduced their price target on Barrick Mining from $56.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Scotiabank lowered their price target on Barrick Mining from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Finally, Canadian Imperial Bank of Commerce set a $57.00 price target on shares of Barrick Mining in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $52.57.

Barrick Mining Price Performance

Shares of NYSE B opened at $43.05 on Wednesday. The firm has a market cap of $70.86 billion, a P/E ratio of 11.10, a PEG ratio of 1.28 and a beta of 0.51. Barrick Mining Corporation has a twelve month low of $26.55 and a twelve month high of $54.69. The company has a quick ratio of 2.36, a current ratio of 3.01 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $39.65 and a 200 day moving average of $41.53.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last issued its 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 business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $5.10 billion. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%.The company's revenue was up 43.8% compared to the same quarter last year. During the same period last year, the business posted $0.47 EPS. As a group, research analysts expect that Barrick Mining Corporation will post 3.56 EPS for the current fiscal year.

Barrick Mining Dividend Announcement

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 given 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 dividend yield of 1.6%. Barrick Mining's dividend payout ratio (DPR) is 18.04%.

About Barrick Mining

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company's activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source