Mountain Lake Investment Management LLC grew its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 7.7% during the 1st quarter, Holdings Channel reports. The firm owned 350,000 shares of the gold and copper producer’s stock after purchasing an additional 25,000 shares during the period. Barrick Gold comprises 3.9% of Mountain Lake Investment Management LLC’s investment portfolio, making the stock its 11th largest position. Mountain Lake Investment Management LLC’s holdings in Barrick Gold were worth $6,930,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Safeguard Investment Advisory Group LLC acquired a new position in shares of Barrick Gold during the 4th quarter valued at $25,000. Logan Capital Management Inc. bought a new stake in shares of Barrick Gold during the 1st quarter worth $25,000. Proffitt & Goodson Inc. bought a new stake in shares of Barrick Gold during the 1st quarter worth $30,000. RMR Wealth Builders bought a new stake in shares of Barrick Gold during the 1st quarter worth $32,000. Finally, Total Clarity Wealth Management Inc. acquired a new stake in shares of Barrick Gold in the first quarter worth $38,000. Institutional investors own 54.51% of the company’s stock.
GOLD has been the subject of several recent analyst reports. Fundamental Research raised their target price on Barrick Gold from $69.96 to $72.72 and gave the stock a “buy” rating in a research report on Monday, May 10th. TheStreet raised Barrick Gold from a “c” rating to a “b-” rating in a report on Thursday, April 22nd. Raymond James set a $30.00 target price on Barrick Gold and gave the stock an “outperform” rating in a report on Friday, July 16th. National Bank Financial dropped their price objective on shares of Barrick Gold from C$39.00 to C$38.00 and set an “outperform” rating for the company in a research report on Friday, July 16th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Barrick Gold from $30.00 to $25.00 in a research report on Tuesday, April 27th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $33.03.
Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Tuesday, May 4th. The gold and copper producer reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Barrick Gold had a net margin of 19.19% and a return on equity of 7.18%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.17 billion. During the same quarter last year, the business posted $0.16 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Sell-side analysts predict that Barrick Gold Corp will post 1.23 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 15th. Stockholders of record on Friday, May 28th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Thursday, May 27th. Barrick Gold’s payout ratio is currently 14.78%.
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.
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