Essex Investment Management Co. LLC Increases Stock Position in Barrick Gold Corp (NYSE:GOLD)

Essex Investment Management Co. LLC raised its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 20.5% in the second quarter, Holdings Channel reports. The institutional investor owned 236,995 shares of the gold and copper producer’s stock after purchasing an additional 40,369 shares during the period. Essex Investment Management Co. LLC’s holdings in Barrick Gold were worth $4,901,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the business. Van ECK Associates Corp boosted its stake in shares of Barrick Gold by 5.0% during the 1st quarter. Van ECK Associates Corp now owns 88,560,757 shares of the gold and copper producer’s stock worth $1,753,511,000 after acquiring an additional 4,248,832 shares in the last quarter. Mackenzie Financial Corp boosted its position in Barrick Gold by 31.8% during the second quarter. Mackenzie Financial Corp now owns 15,297,028 shares of the gold and copper producer’s stock worth $316,099,000 after purchasing an additional 3,686,847 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Barrick Gold by 27.3% during the first quarter. Ameriprise Financial Inc. now owns 15,047,663 shares of the gold and copper producer’s stock worth $297,933,000 after purchasing an additional 3,230,895 shares in the last quarter. Platinum Investment Management Ltd. raised its position in Barrick Gold by 63.3% during the first quarter. Platinum Investment Management Ltd. now owns 7,673,387 shares of the gold and copper producer’s stock worth $151,933,000 after acquiring an additional 2,974,758 shares during the period. Finally, Morgan Stanley lifted its holdings in Barrick Gold by 35.3% during the first quarter. Morgan Stanley now owns 9,214,328 shares of the gold and copper producer’s stock valued at $182,444,000 after purchasing an additional 2,405,291 shares in the last quarter. Institutional investors and hedge funds own 54.50% of the company’s stock.

Shares of Barrick Gold stock traded down $0.03 during trading hours on Monday, reaching $18.00. 492,266 shares of the company were exchanged, compared to its average volume of 17,423,852. The firm has a market cap of $32.01 billion, a PE ratio of 12.70, a PEG ratio of 7.71 and a beta of 0.27. The stock’s fifty day moving average is $20.05 and its 200 day moving average is $21.30. Barrick Gold Corp has a 1 year low of $18.03 and a 1 year high of $29.60. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.46 and a current ratio of 4.47.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Sunday, August 8th. The gold and copper producer reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.03. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.92 billion. Barrick Gold had a return on equity of 7.40% and a net margin of 19.86%. Barrick Gold’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 EPS. Research analysts expect that Barrick Gold Corp will post 1.25 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Tuesday, August 31st were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, August 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.00%. Barrick Gold’s payout ratio is 31.30%.

Several research firms recently weighed in on GOLD. TD Securities reduced their price target on shares of Barrick Gold from $29.00 to $27.00 and set an “action list buy” rating for the company in a research report on Tuesday, August 10th. National Bank Financial cut their price target on Barrick Gold from C$38.00 to C$37.00 and set an “outperform” rating for the company in a report on Monday, August 23rd. KeyCorp began coverage on Barrick Gold in a research note on Friday. They set a “sector weight” rating on the stock. National Bankshares dropped their target price on Barrick Gold from C$37.00 to C$36.00 and set an “outperform” rating for the company in a report on Friday, September 10th. Finally, Raymond James set a $30.00 price target on Barrick Gold and gave the stock an “outperform” rating in a report on Tuesday, August 10th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $34.46.

Barrick Gold Company 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.

Read More: How are institutional investors different from individual investors?

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Institutional Ownership by Quarter for Barrick Gold (NYSE:GOLD)

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