Credit Suisse AG Purchases 340,290 Shares of Barrick Gold Corp (NYSE:GOLD)

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG lifted its position in Barrick Gold Corp (NYSE:GOLD – Free Report) (TSE:ABX) by 16.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,403,689 shares of the gold and copper producer’s stock after purchasing an additional 340,290 shares during the quarter. Credit Suisse AG owned about 0.14% of Barrick Gold worth $44,637,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Snider Financial Group purchased a new position in Barrick Gold in the first quarter worth $185,000. Van ECK Associates Corp boosted its position in Barrick Gold by 8.2% during the fourth quarter. Van ECK Associates Corp now owns 81,780,010 shares of the gold and copper producer’s stock valued at $1,404,950,000 after buying an additional 6,218,329 shares during the period. Bank of New York Mellon Corp boosted its position in Barrick Gold by 239.8% during the first quarter. Bank of New York Mellon Corp now owns 8,556,865 shares of the gold and copper producer’s stock valued at $158,901,000 after buying an additional 6,038,440 shares during the period. Franklin Resources Inc. boosted its position in Barrick Gold by 96.6% during the fourth quarter. Franklin Resources Inc. now owns 10,998,688 shares of the gold and copper producer’s stock valued at $188,933,000 after buying an additional 5,405,526 shares during the period. Finally, Wellington Management Group LLP boosted its position in Barrick Gold by 40.8% during the first quarter. Wellington Management Group LLP now owns 17,824,320 shares of the gold and copper producer’s stock valued at $437,387,000 after buying an additional 5,164,698 shares during the period. Institutional investors own 55.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GOLD shares. Laurentian cut their price target on shares of Barrick Gold from C$5.00 to C$4.70 in a research report on Thursday, May 4th. Cormark upgraded shares of Barrick Gold from a “market perform” rating to a “buy” rating in a research report on Wednesday, August 9th. Finally, CSFB cut their price target on shares of Barrick Gold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, August 17th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and an average target price of $21.79.

Read Our Latest Stock Report on GOLD

Barrick Gold Stock Performance

Barrick Gold stock opened at $15.71 on Tuesday. Barrick Gold Corp has a 1-year low of $13.01 and a 1-year high of $20.75. The firm has a market cap of $27.58 billion, a P/E ratio of -392.75, a P/E/G ratio of 9.80 and a beta of 0.36. The firm has a 50-day moving average of $16.73 and a 200-day moving average of $13.64. The company has a current ratio of 2.71, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD – Get Free Report) (TSE:ABX) last posted its earnings results on Tuesday, August 8th. The gold and copper producer reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $3.40 billion. Barrick Gold had a return on equity of 3.46% and a net margin of 1.06%. During the same quarter in the prior year, the business earned $0.24 EPS. Sell-side analysts expect that Barrick Gold Corp will post 0.98 EPS for the current year.

Barrick Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.10 dividend. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. The ex-dividend date is Wednesday, August 30th. This represents a $0.40 dividend on an annualized basis and a yield of 2.55%. Barrick Gold’s dividend payout ratio is -1,000.00%.

Barrick Gold Company Profile

(Free Report)

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.