Intech Investment Management LLC Purchases New Position in Barrick Gold Corp (NYSE:GOLD)

Intech Investment Management LLC purchased a new stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 345,036 shares of the gold and copper producer’s stock, valued at approximately $5,348,000.

Other large investors have also made changes to their positions in the company. Moors & Cabot Inc. boosted its position in Barrick Gold by 0.9% during the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock worth $1,275,000 after purchasing an additional 579 shares during the period. Chelsea Counsel Co. boosted its position in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after purchasing an additional 590 shares during the period. Avior Wealth Management LLC boosted its position in Barrick Gold by 24.1% during the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock worth $68,000 after purchasing an additional 659 shares during the period. VisionPoint Advisory Group LLC lifted its holdings in shares of Barrick Gold by 6.7% during the fourth quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock worth $224,000 after buying an additional 880 shares during the last quarter. Finally, Bangor Savings Bank lifted its holdings in shares of Barrick Gold by 4.5% during the fourth quarter. Bangor Savings Bank now owns 22,025 shares of the gold and copper producer’s stock worth $341,000 after buying an additional 956 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Price Performance

Barrick Gold stock opened at $19.35 on Wednesday. The firm has a market capitalization of $33.39 billion, a P/E ratio of 15.73, a PEG ratio of 0.44 and a beta of 0.58. Barrick Gold Corp has a 1 year low of $0.25 and a 1 year high of $21.35. The business has a 50-day moving average of $17.30 and a 200-day moving average of $18.05. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. On average, equities analysts anticipate that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold declared that its board has authorized a stock buyback plan on Wednesday, February 12th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is presently 32.52%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Scotiabank increased their price objective on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 18th. UBS Group upgraded Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, March 5th. TD Securities decreased their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, Bank of America cut Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a report on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold 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.