Causeway Capital Management LLC Acquires Shares of 11,112,293 Barrick Gold Corp (NYSE:GOLD)

Causeway Capital Management LLC acquired a new stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,112,293 shares of the gold and copper producer’s stock, valued at approximately $172,225,000. Barrick Gold comprises approximately 3.9% of Causeway Capital Management LLC’s holdings, making the stock its 3rd biggest position. Causeway Capital Management LLC owned approximately 0.64% of Barrick Gold at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Crowley Wealth Management Inc. bought a new stake in shares of Barrick Gold in the 4th quarter worth approximately $26,000. First Horizon Advisors Inc. increased its holdings in shares of Barrick Gold by 619.7% during the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after purchasing an additional 2,646 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in shares of Barrick Gold in the 4th quarter worth approximately $65,000. Exchange Traded Concepts LLC boosted 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 valued at $65,000 after purchasing an additional 2,771 shares in the last quarter. Finally, Principal Securities Inc. lifted its holdings in shares of Barrick Gold by 119.4% in the fourth quarter. Principal Securities Inc. now owns 4,848 shares of the gold and copper producer’s stock valued at $75,000 after buying an additional 2,638 shares during the period. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $20.59 on Monday. Barrick Gold Corp has a 52 week low of $15.11 and a 52 week high of $21.35. 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 stock has a market capitalization of $35.41 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 0.44 and a beta of 0.55. The firm has a fifty day moving average of $18.49 and a two-hundred day moving average of $17.90.

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

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

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio is currently 32.52%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GOLD shares. Scotiabank lifted their target price on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 18th. Citigroup lowered their price target on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, March 31st. Raymond James raised their price target on Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research note on Monday, March 31st. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, National Bank Financial raised Barrick Gold to a “hold” rating in a research report on Friday, March 21st. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.04.

Barrick Gold 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.