PCJ Investment Counsel Ltd. Takes $2.45 Million Position in Barrick Gold Corp (NYSE:GOLD)

PCJ Investment Counsel Ltd. purchased a new stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 123,200 shares of the gold and copper producer’s stock, valued at approximately $2,450,000.

A number of other institutional investors have also recently made changes to their positions in GOLD. Kingsview Wealth Management LLC bought a new position in Barrick Gold in the 1st quarter worth about $190,000. Orion Portfolio Solutions LLC increased its position in shares of Barrick Gold by 6.0% during the 1st quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock valued at $1,367,000 after purchasing an additional 4,652 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after purchasing an additional 1,089,572 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Barrick Gold by 262.6% during the 1st quarter. Acadian Asset Management LLC now owns 47,500 shares of the gold and copper producer’s stock valued at $789,000 after acquiring an additional 34,400 shares during the period. Finally, Seven Eight Capital LP purchased a new stake in Barrick Gold during the 1st quarter valued at about $652,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GOLD. Jefferies Financial Group increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada lifted their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, August 29th. TD Securities lowered their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Scotiabank lowered their price objective on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Stock Up 3.1 %

GOLD stock opened at $17.73 on Wednesday. The firm has a market cap of $30.99 billion, a PE ratio of 19.06, a PEG ratio of 0.39 and a beta of 0.56. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The firm’s 50 day moving average price is $19.61 and its 200-day moving average price is $18.50. Barrick Gold Corp has a one year low of $13.76 and a one year high of $21.35.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th 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, November 29th. Barrick Gold’s payout ratio is 43.01%.

Barrick Gold Profile

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.