Gabelli Funds LLC Boosts Stock Position in Barrick Gold Corp (NYSE:GOLD)

Gabelli Funds LLC raised its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 0.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,626,893 shares of the gold and copper producer’s stock after purchasing an additional 11,893 shares during the period. Gabelli Funds LLC owned about 0.15% of Barrick Gold worth $48,781,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GOLD. Vanguard Personalized Indexing Management LLC lifted its position in Barrick Gold by 2.4% during the first quarter. Vanguard Personalized Indexing Management LLC now owns 22,190 shares of the gold and copper producer’s stock worth $412,000 after buying an additional 514 shares during the period. MGO One Seven LLC increased its stake in shares of Barrick Gold by 4.7% during the 1st quarter. MGO One Seven LLC now owns 12,849 shares of the gold and copper producer’s stock valued at $239,000 after acquiring an additional 582 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Barrick Gold by 41.7% during the 1st quarter. Allworth Financial LP now owns 2,088 shares of the gold and copper producer’s stock worth $39,000 after acquiring an additional 614 shares during the period. ClariVest Asset Management LLC boosted its position in shares of Barrick Gold by 0.3% in the first quarter. ClariVest Asset Management LLC now owns 205,860 shares of the gold and copper producer’s stock worth $3,817,000 after acquiring an additional 640 shares during the last quarter. Finally, Cigna Investments Inc. New grew its holdings in Barrick Gold by 2.6% in the first quarter. Cigna Investments Inc. New now owns 25,896 shares of the gold and copper producer’s stock valued at $480,000 after purchasing an additional 648 shares during the period. 58.20% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Stock Performance

GOLD traded up $0.18 during trading hours on Friday, hitting $15.97. 924,844 shares of the stock were exchanged, compared to its average volume of 15,847,276. The stock has a market cap of $28.03 billion, a price-to-earnings ratio of -394.75, a price-to-earnings-growth ratio of 9.80 and a beta of 0.38. The stock has a 50-day simple moving average of $16.60 and a 200-day simple moving average of $13.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.71 and a quick ratio of 2.14. Barrick Gold Corp has a 12 month low of $13.01 and a 12 month high of $20.75.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Tuesday, August 8th. The gold and copper producer reported $0.19 earnings per share (EPS) 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 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 last year, the company posted $0.24 earnings per share. Analysts anticipate that Barrick Gold Corp will post 0.98 earnings per share for the current year.

Barrick Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.50%. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. The ex-dividend date is Wednesday, August 30th. Barrick Gold’s payout ratio is presently -1,000.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GOLD shares. Cormark upgraded Barrick Gold from a “market perform” rating to a “buy” rating in a report on Wednesday, August 9th. CSFB cut their price target on shares of Barrick Gold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, August 17th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $21.79.

About Barrick Gold

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.