Sumitomo Mitsui Trust Group Inc. Grows Stake in Barrick Mining Corporation $B

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) by 15.7% in the first quarter, Holdings Channel reports. The fund owned 135,464 shares of the gold and copper producer’s stock after acquiring an additional 18,367 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Barrick Mining were worth $5,526,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. CW Advisors LLC bought a new position in Barrick Mining during the second quarter valued at $283,000. EverSource Wealth Advisors LLC bought a new stake in shares of Barrick Mining in the second quarter valued at $53,000. First Trust Advisors LP purchased a new position in shares of Barrick Mining during the 2nd quarter valued at $857,000. Baird Financial Group Inc. purchased a new position in shares of Barrick Mining during the 2nd quarter valued at $2,569,000. Finally, Cresset Asset Management LLC bought a new position in shares of Barrick Mining during the 2nd quarter worth $543,000. Institutional investors own 90.82% of the company’s stock.

Barrick Mining Price Performance

Shares of NYSE B opened at $36.48 on Wednesday. The stock has a market cap of $60.69 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 0.78 and a beta of 0.48. Barrick Mining Corporation has a fifty-two week low of $20.52 and a fifty-two week high of $54.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06. The stock has a fifty day moving average of $40.05 and a 200-day moving average of $43.21.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.75 billion. The company’s revenue for the quarter was up 66.7% compared to the same quarter last year. Equities research analysts anticipate that Barrick Mining Corporation will post 3.63 earnings per share for the current year.

Barrick Mining Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $0.175 per share. The ex-dividend date was Friday, May 29th. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. Barrick Mining’s dividend payout ratio is currently 19.34%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America decreased their price objective on Barrick Mining from $58.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce dropped their price objective on shares of Barrick Mining to $63.00 and set an “outperformer” rating on the stock in a report on Tuesday, April 21st. ATB Cormark Capital Markets lowered shares of Barrick Mining from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Scotiabank reduced their target price on shares of Barrick Mining from $63.00 to $57.00 and set a “sector outperform” rating for the company in a research note on Tuesday. Finally, UBS Group lowered their price target on shares of Barrick Mining from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

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.