Barrick Mining (NYSE:B) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Barrick Mining (NYSE:B) (TSE:ABX) from a strong-buy rating to a buy rating in a report released on Saturday morning.

B has been the topic of several other reports. Royal Bank Of Canada reduced their target price on Barrick Mining from $51.00 to $49.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce lowered their price target on Barrick Mining to $63.00 and set an “outperformer” rating for the company in a report on Tuesday, April 21st. Weiss Ratings lowered Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. UBS Group cut their price objective on Barrick Mining from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Barclays decreased their price objective on Barrick Mining from $41.00 to $39.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Barrick Mining has a consensus rating of “Moderate Buy” and an average target price of $52.46.

Barrick Mining Trading Up 0.6%

B opened at $37.34 on Friday. The firm’s fifty day moving average is $38.79 and its two-hundred day moving average is $42.66. The firm has a market cap of $62.10 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 0.79 and a beta of 0.48. Barrick Mining has a twelve month low of $20.94 and a twelve month high of $54.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.44 and a current ratio of 3.06.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.18. Barrick Mining had a net margin of 32.14% and a return on equity of 14.81%. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.75 billion. The company’s revenue for the quarter was up 66.7% compared to the same quarter last year. Equities research analysts anticipate that Barrick Mining will post 3.56 EPS for the current year.

Barrick Mining Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, May 29th. Barrick Mining’s dividend payout ratio is currently 19.34%.

Institutional Trading of Barrick Mining

A number of hedge funds and other institutional investors have recently modified their holdings of B. FIL Ltd increased its holdings in Barrick Mining by 85.3% during the fourth quarter. FIL Ltd now owns 30,099,422 shares of the gold and copper producer’s stock worth $1,311,169,000 after buying an additional 13,853,587 shares during the last quarter. Van ECK Associates Corp lifted its stake in Barrick Mining by 22.8% in the fourth quarter. Van ECK Associates Corp now owns 55,423,240 shares of the gold and copper producer’s stock valued at $2,413,699,000 after acquiring an additional 10,287,544 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Barrick Mining in the second quarter valued at $211,263,000. Canada Pension Plan Investment Board bought a new position in shares of Barrick Mining in the 2nd quarter valued at about $172,230,000. Finally, Mackenzie Financial Corp grew its position in shares of Barrick Mining by 61.9% in the 4th quarter. Mackenzie Financial Corp now owns 20,591,745 shares of the gold and copper producer’s stock valued at $909,104,000 after acquiring an additional 7,870,411 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

Barrick Mining Company Profile

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.