Truist Financial Corp Invests $926,000 in Barrick Mining Corporation $B

Key Points

• Truist Financial Corp has invested $926,000 in Barrick Mining Corporation, acquiring 44,457 shares during the second quarter, indicating strong institutional interest in the gold and copper producer.
• Analysts have generally given Barrick Mining an "outperform" rating, with revised target prices ranging from $34.00 to $50.00, suggesting positive future expectations for the stock.
• Barrick Mining recently announced a quarterly dividend of $0.15 per share, which equates to an annualized yield of 1.8%, despite a payout ratio of 37.74%.

Truist Financial Corp acquired a new stake in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,457 shares of the gold and copper producer's stock, valued at approximately $926,000.

Several other institutional investors also recently bought and sold shares of the company. Greenleaf Trust purchased a new stake in shares of Barrick Mining during the second quarter worth $546,000. XML Financial LLC purchased a new stake in shares of Barrick Mining during the second quarter worth approximately $1,061,000. GC Wealth Management RIA LLC purchased a new stake in shares of Barrick Mining during the second quarter worth approximately $273,000. Sound Income Strategies LLC purchased a new stake in Barrick Mining in the 2nd quarter valued at approximately $79,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in Barrick Mining in the 2nd quarter valued at approximately $41,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. CIBC upped their target price on Barrick Mining from $38.00 to $50.00 and gave the company an "outperformer" rating in a report on Friday. National Bank Financial upgraded Barrick Mining from a "sector perform" rating to an "outperform" rating in a report on Monday, September 22nd. Sanford C. Bernstein reiterated an "outperform" rating on shares of Barrick Mining in a report on Wednesday, September 24th. National Bankshares upgraded Barrick Mining to an "outperform" rating in a research note on Monday, September 22nd. Finally, Bank of America raised their target price on Barrick Mining from $29.00 to $34.00 and gave the company a "neutral" rating in a research note on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $38.10.

Barrick Mining Stock Performance

Shares of NYSE B opened at $33.39 on Tuesday. The stock's fifty day simple moving average is $28.81 and its 200 day simple moving average is $23.08. 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 Corporation has a 52-week low of $15.11 and a 52-week high of $36.10. The stock has a market capitalization of $56.86 billion, a price-to-earnings ratio of 21.00, a PEG ratio of 0.53 and a beta of 0.30.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last announced 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. Barrick Mining had a net margin of 19.99% and a return on equity of 8.19%. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the previous year, the business earned $0.32 EPS. The company's revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts forecast that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $0.15 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.60 dividend on an annualized basis and a yield of 1.8%. Barrick Mining's 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.

Want to see what other hedge funds are holding B? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.