Barrick Mining (NYSE:B) Stock Price Down 2.1% – Here’s What Happened
by Tristan Rich · The Markets DailyBarrick Mining Corporation (NYSE:B – Get Free Report) (TSE:ABX) dropped 2.1% during mid-day trading on Thursday . The company traded as low as $44.06 and last traded at $44.50. Approximately 7,906,623 shares were traded during trading, a decline of 50% from the average daily volume of 15,869,267 shares. The stock had previously closed at $45.44.
Wall Street Analyst Weigh In
B has been the subject of a number of recent analyst reports. Zacks Research lowered Barrick Mining from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 13th. Bank of America upgraded Barrick Mining from a “neutral” rating to a “buy” rating and increased their target price for the company from $38.00 to $48.00 in a research note on Monday, November 24th. Raymond James Financial lifted their price target on shares of Barrick Mining from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. DZ Bank upgraded shares of Barrick Mining to a “strong-buy” rating in a research note on Monday, January 19th. Finally, Canaccord Genuity Group cut their target price on shares of Barrick Mining to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Barrick Mining currently has an average rating of “Moderate Buy” and an average price target of $55.25.
Barrick Mining Stock Down 2.1%
The stock’s fifty day simple moving average is $47.97 and its two-hundred day simple moving average is $39.79. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.92 and a quick ratio of 2.33. The company has a market capitalization of $74.55 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.44 and a beta of 0.41.
Barrick Mining (NYSE:B – Get Free Report) (TSE:ABX) last posted its quarterly earnings results on Thursday, February 5th. The gold and copper producer reported $1.04 EPS for the quarter, beating the consensus estimate of $0.85 by $0.19. The business had revenue of $5.98 billion during the quarter, compared to analyst estimates of $5.15 billion. Barrick Mining had a net margin of 29.45% and a return on equity of 12.10%. Barrick Mining’s revenue for the quarter was up 44.6% compared to the same quarter last year. On average, sell-side analysts predict that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.
Barrick Mining Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.8%. This is a boost from Barrick Mining’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, February 27th. Barrick Mining’s dividend payout ratio is currently 57.34%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new position in Barrick Mining during the 2nd quarter valued at about $1,459,633,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $696,000. Philadelphia Trust Co. purchased a new stake in shares of Barrick Mining in the second quarter worth approximately $1,412,000. CIBC Asset Management Inc boosted its holdings in shares of Barrick Mining by 316.0% during the third quarter. CIBC Asset Management Inc now owns 18,287,558 shares of the gold and copper producer’s stock worth $601,115,000 after purchasing an additional 13,891,886 shares during the period. Finally, Cadence Wealth Management LLC purchased a new position in Barrick Mining during the second quarter valued at approximately $1,112,000. Institutional investors and hedge funds own 90.82% of the company’s stock.
About Barrick Mining
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.