Traders Buy Barrick Gold Corp. (ABX) on Weakness
Investors bought shares of Barrick Gold Corp. (NYSE:ABX) on weakness during trading on Wednesday. $103.22 million flowed into the stock on the tick-up and $85.45 million flowed out of the stock on the tick-down, for a money net flow of $17.77 million into the stock. Of all companies tracked, Barrick Gold Corp. had the 7th highest net in-flow for the day. Barrick Gold Corp. traded down ($1.92) for the day and closed at $18.17
Several brokerages have recently issued reports on ABX. Canaccord Genuity cut shares of Barrick Gold Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Zacks Investment Research cut shares of Barrick Gold Corp. from a “buy” rating to a “hold” rating in a research report on Friday, May 6th. Vetr downgraded shares of Barrick Gold Corp. from a “hold” rating to a “sell” rating and set a $17.33 price target on the stock. in a report on Monday, May 2nd. TheStreet upgraded shares of Barrick Gold Corp. from a “sell” rating to a “hold” rating in a report on Monday, May 2nd. Finally, Citigroup Inc. initiated coverage on shares of Barrick Gold Corp. in a report on Tuesday, August 2nd. They set a “buy” rating and a $29.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $21.28.
The stock’s market capitalization is $21.17 billion. The company’s 50 day moving average price is $21.29 and its 200-day moving average price is $17.60.
Barrick Gold Corp. (NYSE:ABX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by $0.01. During the same period in the previous year, the business earned ($0.01) EPS. The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.02 billion. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities analysts forecast that Barrick Gold Corp. will post $0.69 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Monday, August 29th.
Other hedge funds and institutional investors have recently bought and sold shares of the company. Jennison Associates LLC boosted its position in Barrick Gold Corp. by 15.7% in the fourth quarter. Jennison Associates LLC now owns 5,450,365 shares of the company’s stock valued at $40,224,000 after buying an additional 740,712 shares during the period. I.G. Investment Management LTD. boosted its position in Barrick Gold Corp. by 99.2% in the fourth quarter. I.G. Investment Management LTD. now owns 664,800 shares of the company’s stock valued at $4,922,000 after buying an additional 331,083 shares during the period. Finally, Marshall Wace LLP purchased a new position in Barrick Gold Corp. during the fourth quarter valued at approximately $1,326,000.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. The Company produces copper, principally from its Zaldivar joint venture and Lumwana mine, and holds other interests. Barricks’ segments include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Porgera, Kalgoorlie, Acacia Mining plc, Lumwana, Zaldivar and Pascua-Lama Project.
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