VectorGlobal IAG Inc. Takes Position in Barrick Mining Corporation $B

Key Points

• VectorGlobal IAG initiated a position in Barrick Mining by purchasing 263,175 shares worth approximately $10.7 million, making Barrick its 12th-largest holding at 2.8% of assets.
• Institutional ownership remains high at 90.82%, with FIL, Van ECK Associates, and Mackenzie Financial among investors that increased their stakes.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $52.46, while Barrick reported quarterly EPS of $0.98, above estimates, and pays an annualized $0.70 dividend yielding about 1.9%.

VectorGlobal IAG Inc. bought a new position in Barrick Mining Corporation (NYSE:B - Free Report) TSE: ABX during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 263,175 shares of the gold and copper producer's stock, valued at approximately $10,722,000. Barrick Mining accounts for about 2.8% of VectorGlobal IAG Inc.'s holdings, making the stock its 12th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FIL Ltd boosted its position in Barrick Mining by 85.3% during the 4th quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer's stock valued at $1,311,169,000 after buying an additional 13,853,587 shares during the period. Van ECK Associates Corp increased its position in shares of Barrick Mining by 22.8% in the fourth quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer's stock valued at $2,413,699,000 after acquiring an additional 10,287,544 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of Barrick Mining in the second quarter valued at about $211,263,000. Canada Pension Plan Investment Board bought a new position in shares of Barrick Mining during the second quarter valued at about $172,230,000. Finally, Mackenzie Financial Corp raised its stake in shares of Barrick Mining by 61.9% during the fourth quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer's stock valued at $909,104,000 after acquiring an additional 7,870,411 shares during the last quarter. 90.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on B. Royal Bank Of Canada dropped their price objective on Barrick Mining from $51.00 to $49.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Barclays reduced their target price on Barrick Mining from $41.00 to $39.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings downgraded Barrick Mining from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. UBS Group dropped their price target on Barrick Mining from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Scotiabank cut their price target on shares of Barrick Mining from $63.00 to $57.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Barrick Mining currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.46.

Barrick Mining Price Performance

Shares of B opened at $36.73 on Monday. Barrick Mining Corporation has a fifty-two week low of $20.94 and a fifty-two week high of $54.69. The firm's 50-day simple moving average is $38.49 and its two-hundred day simple moving average is $42.35. The stock has a market cap of $60.45 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 0.78 and a beta of 0.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06.

Barrick Mining (NYSE:B - Get Free Report) TSE: ABX last released its earnings results on Monday, May 11th. The gold and copper producer reported $0.98 EPS for the quarter, topping the consensus estimate of $0.80 by $0.18. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.75 billion. Barrick Mining's revenue for the quarter was up 66.7% compared to the same quarter last year. Analysts anticipate that Barrick Mining Corporation will post 3.57 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a $0.175 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.9%. Barrick Mining's payout ratio is presently 19.34%.

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.

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