Ameriprise Financial Inc. Boosts Stock Position in Barrick Gold Corp (NYSE:GOLD)

Posted by Defense World Staff on Sep 15th, 2023

Ameriprise Financial Inc. lifted its position in Barrick Gold Corp (NYSE:GOLD – Free Report) (TSE:ABX) by 11.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,009,633 shares of the gold and copper producer’s stock after purchasing an additional 1,912,963 shares during the quarter. Ameriprise Financial Inc. owned about 1.08% of Barrick Gold worth $354,001,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Snider Financial Group acquired a new stake in Barrick Gold during the first quarter worth about $185,000. Bank of New York Mellon Corp lifted its stake in shares of Barrick Gold by 239.8% in the 1st 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 purchasing an additional 6,038,440 shares during the period. Franklin Resources Inc. boosted its holdings 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 worth $188,933,000 after buying an additional 5,405,526 shares in the last quarter. BlackRock Inc. grew its position in Barrick Gold by 13.9% during the first quarter. BlackRock Inc. now owns 42,464,736 shares of the gold and copper producer’s stock valued at $788,570,000 after buying an additional 5,188,456 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Barrick Gold by 40.8% in 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 in the last quarter. Institutional investors and hedge funds own 58.20% of the company’s stock.

Barrick Gold Price Performance

Shares of NYSE GOLD opened at $16.33 on Friday. The stock’s 50-day moving average is $16.53 and its two-hundred day moving average is $13.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.71 and a quick ratio of 2.14. The company has a market cap of $28.67 billion, a price-to-earnings ratio of -408.25, a price-to-earnings-growth ratio of 9.80 and a beta of 0.38. Barrick Gold Corp has a 1-year low of $13.01 and a 1-year high of $20.75.

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

Barrick Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.10 dividend. The ex-dividend date is Wednesday, August 30th. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a yield of 2.45%. Barrick Gold’s dividend payout ratio (DPR) is currently -1,000.00%.

Wall Street Analyst Weigh In

Several research firms have issued reports on GOLD. Cormark raised shares of Barrick Gold from a “market perform” rating to a “buy” rating in a report on Wednesday, August 9th. BMO Capital Markets increased their price objective on Barrick Gold from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, CSFB lowered their target price on shares of Barrick Gold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, August 17th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $22.48.

View Our Latest Analysis on Barrick Gold

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.