Norden Group LLC Has $494,000 Stake in Barrick Gold Corp (NYSE:GOLD)

Norden Group LLC trimmed its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 6.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,857 shares of the gold and copper producer’s stock after selling 2,152 shares during the quarter. Norden Group LLC’s holdings in Barrick Gold were worth $494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Barrick Gold by 221.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after purchasing an additional 6,904,934 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Barrick Gold by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after purchasing an additional 2,854,055 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Barrick Gold by 2.1% in the 4th quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock worth $1,182,641,000 after purchasing an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Barrick Gold by 2.7% in the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after purchasing an additional 1,458,084 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Barrick Gold in the 3rd quarter worth approximately $20,379,000. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $21.00 to $18.00 in a report on Monday, January 27th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Scotiabank lifted their price target on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Berenberg Bank lifted their price target on Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Finally, Citigroup dropped their price target on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold Stock Performance

GOLD opened at $17.67 on Tuesday. The stock has a market cap of $30.52 billion, a PE ratio of 14.37, a P/E/G ratio of 0.44 and a beta of 0.55. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a 1 year low of $15.05 and a 1 year high of $21.35. The stock’s 50 day simple moving average is $16.65 and its 200-day simple moving average is $18.18.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Sell-side analysts forecast that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to repurchase up to 3.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is 32.52%.

About Barrick Gold

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.