Barrick Gold (TSE:ABX) Stock Bumped Down to “Hold” by Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce downgraded shares of Barrick Gold (TSE:ABX) (NYSE:ABX) from a strong-buy rating to a hold rating in a report issued on Thursday,Zacks reports.

Several other brokerages also recently weighed in on ABX. Royal Bank Of Canada reduced their target price on shares of Barrick Gold from C$51.00 to C$49.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. ATB Cormark Capital Markets dropped their price target on shares of Barrick Gold from C$60.00 to C$57.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 11th. Canaccord Genuity Group upped their price target on shares of Barrick Gold from C$68.00 to C$73.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. Citigroup upgraded shares of Barrick Gold to a “hold” rating in a report on Thursday, September 3rd. Finally, National Bank Financial increased their price objective on shares of Barrick Gold from C$67.50 to C$70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$67.67.

Barrick Gold Trading Up 0.3%

ABX stock traded up C$0.18 during midday trading on Thursday, reaching C$57.74. 2,666,984 shares of the company traded hands, compared to its average volume of 5,231,271. Barrick Gold has a 52-week low of C$42.62 and a 52-week high of C$74.00. The company has a debt-to-equity ratio of 17.15, a quick ratio of 2.62 and a current ratio of 3.01. The business has a 50 day moving average of C$59.99 and a 200-day moving average of C$57.12. The firm has a market capitalization of C$95.03 billion, a price-to-earnings ratio of 14.92, a P/E/G ratio of 2.34 and a beta of 1.63.

Barrick Gold (TSE:ABX) (NYSE:ABX) last released its earnings results on Monday, August 10th. The basic materials company reported C$1.17 earnings per share for the quarter. The firm had revenue of C$6.06 billion for the quarter. Barrick Gold had a return on equity of 24.57% and a net margin of 31.60%. As a group, sell-side analysts expect that Barrick Gold will post 2.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Sarah Anna Ball Teslik bought 12,613 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was acquired at an average cost of C$67.27 per share, with a total value of C$848,476.51. Following the transaction, the insider directly owned 12,613 shares in the company, valued at approximately C$848,476.51. This trade represents a ∞ increase in their position. Also, Director Mark Francis Hill sold 174,778 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of C$59.47, for a total value of C$10,394,047.66. Following the completion of the sale, the director owned 125,914 shares of the company’s stock, valued at C$7,488,105.58. This represents a 58.13% decrease in their ownership of the stock. 0.60% of the stock is owned by insiders.

About Barrick Gold

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry – including six of the world’s Tier One gold mines -Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth.