Van ECK Associates Corp Sells 2,677,867 Shares of Barrick Gold Corp (NYSE:GOLD)

Van ECK Associates Corp lowered its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 3.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,736,473 shares of the gold and copper producer’s stock after selling 2,677,867 shares during the period. Barrick Gold makes up approximately 1.7% of Van ECK Associates Corp’s holdings, making the stock its 7th biggest position. Van ECK Associates Corp owned about 4.26% of Barrick Gold worth $1,554,506,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. DCF Advisers LLC boosted its holdings in shares of Barrick Gold by 48.3% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after buying an additional 35,000 shares during the period. Evexia Wealth LLC acquired a new stake in shares of Barrick Gold in the third quarter valued at about $2,382,000. 1832 Asset Management L.P. increased its stake in shares of Barrick Gold by 3.6% in the first quarter. 1832 Asset Management L.P. now owns 1,089,855 shares of the gold and copper producer’s stock worth $18,135,000 after purchasing an additional 38,100 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Barrick Gold in the second quarter worth about $934,000. Finally, LRI Investments LLC bought a new stake in Barrick Gold during the 1st quarter valued at approximately $37,000. Institutional investors own 62.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GOLD. Scotiabank lifted their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $23.00 to $22.00 in a research note on Wednesday. Royal Bank of Canada lifted their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Finally, Raymond James cut their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.50.

Barrick Gold Price Performance

GOLD opened at $19.05 on Friday. The company has a fifty day moving average price of $20.11 and a two-hundred day moving average price of $18.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The firm has a market capitalization of $33.30 billion, a PE ratio of 22.15, a P/E/G ratio of 0.47 and a beta of 0.55. Barrick Gold Corp has a 52 week low of $13.76 and a 52 week high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the firm earned $0.19 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts anticipate that Barrick Gold Corp will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.10%. Barrick Gold’s dividend payout ratio is 46.51%.

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.