PKO Investment Management Joint Stock Co Buys Shares of 785,221 Barrick Gold Corp (NYSE:B)

PKO Investment Management Joint Stock Co purchased a new position in Barrick Gold Corp (NYSE:B) (TSE:ABX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 785,221 shares of the gold and copper producer’s stock, valued at approximately $12,181,000. Barrick Gold accounts for about 1.5% of PKO Investment Management Joint Stock Co’s portfolio, making the stock its 12th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC lifted its position in shares of Barrick Gold by 25.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 231,375 shares of the gold and copper producer’s stock valued at $3,586,000 after buying an additional 46,478 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Barrick Gold by 154.3% in the 4th quarter. Avior Wealth Management LLC now owns 8,645 shares of the gold and copper producer’s stock worth $134,000 after acquiring an additional 5,246 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Barrick Gold by 196.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,178 shares of the gold and copper producer’s stock worth $65,000 after acquiring an additional 2,771 shares during the period. Drive Wealth Management LLC purchased a new position in Barrick Gold during the fourth quarter valued at approximately $410,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Barrick Gold during the fourth quarter valued at approximately $499,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Gold Stock Down 0.8%

NYSE B opened at $18.91 on Wednesday. The stock has a 50 day moving average price of $19.01 and a 200-day moving average price of $17.74. Barrick Gold Corp has a one year low of $17.41 and a one year high of $47.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. The company has a market capitalization of $32.51 billion, a P/E ratio of 15.37, a P/E/G ratio of 0.44 and a beta of 0.25.

Barrick Gold (NYSE:B) (TSE:ABX) last released its quarterly earnings data on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. The business had revenue of $3 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the business earned $0.19 earnings per share. Barrick Gold’s quarterly revenue was up 13.9% compared to the same quarter last year. As a group, equities analysts predict that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 12th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Friday, May 30th. Barrick Gold’s payout ratio is 30.08%.

Wall Street Analysts Forecast Growth

B has been the subject of a number of analyst reports. Citigroup reduced their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, March 31st. TD Securities cut their price target on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. BMO Capital Markets began coverage on Barrick Gold in a report on Wednesday, April 16th. They issued a “market perform” rating on the stock. National Bankshares restated an “outperform” rating on shares of Barrick Gold in a research note on Wednesday, April 2nd. Finally, National Bank Financial raised shares of Barrick Gold to a “hold” rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.05.

About Barrick Gold

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.