Investors Buy Barrick Gold Corp. (ABX) on Weakness
Investors bought shares of Barrick Gold Corp. (NYSE:ABX) on weakness during trading on Monday. $97.20 million flowed into the stock on the tick-up and $60.98 million flowed out of the stock on the tick-down, for a money net flow of $36.22 million into the stock. Of all equities tracked, Barrick Gold Corp. had the 7th highest net in-flow for the day. Barrick Gold Corp. traded down ($0.28) for the day and closed at $22.04
ABX has been the subject of several research analyst reports. Zacks Investment Research raised shares of Barrick Gold Corp. from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, April 29th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $17.00 price target on shares of Barrick Gold Corp. in a research report on Wednesday, June 29th. Mackie lowered shares of Barrick Gold Corp. from a “hold” rating to a “sell” rating in a research report on Monday, June 20th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating and set a $27.00 price objective (up from $23.00) on shares of Barrick Gold Corp. in a research note on Monday, June 27th. Finally, Deutsche Bank AG downgraded shares of Barrick Gold Corp. from a “buy” rating to a “hold” rating and set a $14.50 price objective for the company. in a research note on Wednesday, March 23rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $16.22.
The stock’s market cap is $25.68 billion. The firm has a 50 day moving average price of $19.68 and a 200-day moving average price of $14.92.
Barrick Gold Corp. (NYSE:ABX) last posted its earnings results on Tuesday, April 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.01. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.95 billion. Barrick Gold Corp.’s quarterly revenue was down 14.0% compared to the same quarter last year. Equities analysts expect that Barrick Gold Corp. will post $0.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $0.08 annualized dividend and a dividend yield of 0.36%.
Several institutional investors recently bought and sold shares of ABX. Jennison Associates LLC raised 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 last quarter. I.G. Investment Management LTD. raised its position in shares of 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 in the last quarter. Marshall Wace LLP acquired a new position in shares of Barrick Gold Corp. during the fourth quarter valued at about $1,326,000. Deere & Co. acquired a new position in shares of Barrick Gold Corp. during the fourth quarter valued at about $1,776,000. Finally, Stuyvesant Capital Management raised its position in shares of Barrick Gold Corp. by 2.2% in the fourth quarter. Stuyvesant Capital Management now owns 279,150 shares of the company’s stock valued at $2,060,000 after buying an additional 6,120 shares in the last quarter.
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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