Pullen Investment Management LLC Invests $1.77 Million in Barrick Mining Corporation $B

Pullen Investment Management LLC bought a new position in Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the second quarter, HoldingsChannel.com reports. The fund bought 85,099 shares of the gold and copper producer’s stock, valued at approximately $1,772,000.

Other hedge funds have also modified their holdings of the company. Penserra Capital Management LLC raised its holdings in shares of Barrick Mining by 1,919.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,968 shares of the gold and copper producer’s stock worth $56,000 after buying an additional 2,821 shares in the last quarter. Hedges Asset Management LLC acquired a new position in shares of Barrick Mining in the 2nd quarter worth approximately $1,249,000. Chemistry Wealth Management LLC acquired a new position in shares of Barrick Mining in the 2nd quarter worth approximately $246,000. Sequoia Financial Advisors LLC raised its holdings in shares of Barrick Mining by 24.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 20,795 shares of the gold and copper producer’s stock worth $404,000 after buying an additional 4,082 shares in the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of Barrick Mining in the 2nd quarter worth approximately $337,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on B. Citigroup increased their target price on Barrick Mining from $21.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, October 15th. Scotiabank raised Barrick Mining from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $27.50 to $43.00 in a report on Thursday. Zacks Research cut Barrick Mining from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. Raymond James Financial set a $40.00 price target on Barrick Mining and gave the company an “outperform” rating in a report on Friday, October 10th. Finally, Cibc World Mkts raised Barrick Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

Barrick Mining Stock Up 1.8%

Shares of B opened at $32.51 on Friday. The firm has a market capitalization of $55.35 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 0.41 and a beta of 0.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.53 and a current ratio of 3.21. The business’s fifty day moving average price is $30.59 and its two-hundred day moving average price is $23.96. Barrick Mining Corporation has a 52 week low of $15.11 and a 52 week high of $36.40.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its quarterly earnings data on Monday, August 11th. The gold and copper producer reported $0.47 EPS for the quarter, meeting analysts’ consensus estimates of $0.47. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.60 billion. Barrick Mining had a return on equity of 8.19% and a net margin of 19.99%.The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. On average, analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current year.

Barrick Mining Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 29th. Barrick Mining’s dividend payout ratio (DPR) is presently 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.