Barrick Mining (NYSE:B) Stock Falls 2.4% – Here’s What Happened

Barrick Mining Corporation (NYSE:B) (TSE:ABX)’s share price was down 2.4% on Tuesday. The company traded as low as $36.94 and last traded at $37.0450. Approximately 5,752,783 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 11,951,524 shares. The stock had previously closed at $37.97.

Wall Street Analysts Forecast Growth

B has been the subject of several analyst reports. Barclays upped their price objective on Barrick Mining from $39.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Freedom Broker cut Barrick Mining from a “buy” rating to a “hold” rating and decreased their target price for the stock from $54.00 to $46.00 in a research note on Thursday, October 22nd. Wall Street Zen downgraded Barrick Mining from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. TD set a $59.00 price target on shares of Barrick Mining and gave the company a “buy” rating in a research note on Wednesday, September 16th. Finally, Bank of America dropped their price target on shares of Barrick Mining from $56.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.59.

Barrick Mining Stock Performance

The company has a market cap of $65.59 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. The firm has a 50-day simple moving average of $41.46 and a 200 day simple moving average of $42.03. The company has a quick ratio of 2.36, a current ratio of 3.01 and a debt-to-equity ratio of 0.13.

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

Barrick Mining Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were paid a dividend of $0.1750 per share. The ex-dividend date was Monday, August 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.7%. Barrick Mining’s dividend payout ratio is 18.04%.

Hedge Funds Weigh In On Barrick Mining

Several institutional investors have recently added to or reduced their stakes in B. Royal Bank of Canada boosted its stake in shares of Barrick Mining by 10.9% during the 1st quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer’s stock worth $1,615,225,000 after acquiring an additional 3,881,841 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Barrick Mining by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 14,992,792 shares of the gold and copper producer’s stock valued at $612,067,000 after purchasing an additional 175,342 shares during the last quarter. Ninety One UK Ltd lifted its holdings in shares of Barrick Mining by 13.1% during the third quarter. Ninety One UK Ltd now owns 14,143,606 shares of the gold and copper producer’s stock valued at $575,220,000 after purchasing an additional 1,640,224 shares during the last quarter. TD Waterhouse Canada Inc. lifted its holdings in shares of Barrick Mining by 4.4% during the third quarter. TD Waterhouse Canada Inc. now owns 7,400,867 shares of the gold and copper producer’s stock valued at $296,300,000 after purchasing an additional 313,297 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Barrick Mining by 25.9% in the 1st quarter. Swiss National Bank now owns 5,680,129 shares of the gold and copper producer’s stock valued at $231,788,000 after purchasing an additional 1,167,000 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

Barrick Mining Company Profile

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.