Barrick Mining (NYSE:B) Stock Falls 4.3% – Here’s Why

Shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) fell 4.3% on Friday. The stock traded as low as $36.27 and last traded at $36.99. Approximately 9,431,396 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 12,006,109 shares. The stock had previously closed at $38.67.

Analyst Upgrades and Downgrades

B has been the topic of a number of research reports. Barclays lifted their price target on shares of Barrick Mining from $39.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. RBC Dominion Securities set a $53.00 price objective on shares of Barrick Mining and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. TD set a $59.00 target price on Barrick Mining and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Bank of America lowered their target price on shares of Barrick Mining from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Finally, Freedom Broker cut shares of Barrick Mining from a “buy” rating to a “hold” rating and cut their price target for the stock from $54.00 to $46.00 in a report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.59.

Barrick Mining Trading Down 4.3%

The company has a market capitalization of $60.47 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.24 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.01 and a quick ratio of 2.36. The company’s fifty day moving average is $42.37 and its 200-day moving average is $42.30.

Barrick Mining (NYSE:B) (TSE:ABX) last issued its quarterly earnings data on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was up 43.8% compared to the same quarter last year. On average, analysts anticipate that Barrick Mining Corporation will post 3.49 EPS for the current fiscal year.

Barrick Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a dividend of $0.1750 per share. This represents a $0.70 annualized dividend and a yield of 1.9%. The ex-dividend date was Monday, August 31st. Barrick Mining’s payout ratio is 18.04%.

Hedge Funds Weigh In On Barrick Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC grew its stake in Barrick Mining by 243.4% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,176 shares of the gold and copper producer’s stock valued at $129,000 after acquiring an additional 2,251 shares in the last quarter. Next Level Wealth Planning LLC acquired a new position in shares of Barrick Mining in the 3rd quarter valued at $57,000. Greenfield Seitz Capital Management LLC boosted its stake in Barrick Mining by 2.9% during the third quarter. Greenfield Seitz Capital Management LLC now owns 286,911 shares of the gold and copper producer’s stock worth $11,669,000 after buying an additional 8,027 shares during the period. McAlvany Wealth Management LLC increased its holdings in Barrick Mining by 10.3% in the 3rd quarter. McAlvany Wealth Management LLC now owns 66,729 shares of the gold and copper producer’s stock valued at $2,714,000 after purchasing an additional 6,228 shares during the last quarter. Finally, Walled Lake Planning & Wealth Management LLC acquired a new stake in shares of Barrick Mining in the third quarter valued at $203,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

About Barrick Mining

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.