Glass Wealth Management Co LLC Purchases 5,630 Shares of Barrick Gold Corp (NYSE:GOLD)

Glass Wealth Management Co LLC lifted its position in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 3.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,860 shares of the gold and copper producer’s stock after purchasing an additional 5,630 shares during the period. Barrick Gold comprises 1.6% of Glass Wealth Management Co LLC’s investment portfolio, making the stock its 21st largest holding. Glass Wealth Management Co LLC’s holdings in Barrick Gold were worth $2,943,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Moors & Cabot Inc. boosted its holdings in Barrick Gold by 0.9% in the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after acquiring an additional 579 shares during the last quarter. Chelsea Counsel Co. boosted its holdings in Barrick Gold by 1.4% in the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after acquiring an additional 590 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in Barrick Gold by 24.1% in the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock valued at $68,000 after acquiring an additional 659 shares during the last quarter. VisionPoint Advisory Group LLC boosted its holdings in Barrick Gold by 6.7% in the fourth quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock valued at $224,000 after acquiring an additional 880 shares during the last quarter. Finally, Bangor Savings Bank boosted its holdings in Barrick Gold by 4.5% in the fourth quarter. Bangor Savings Bank now owns 22,025 shares of the gold and copper producer’s stock valued at $341,000 after acquiring an additional 956 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on GOLD shares. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Bank of America cut Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the company from $21.00 to $18.00 in a report on Monday, January 27th. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. TD Securities dropped their price target on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. 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 note on Friday, December 20th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $17.76 on Wednesday. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. Barrick Gold Corp has a twelve month low of $15.11 and a twelve month high of $21.35. The stock’s 50 day moving average is $16.69 and its 200-day moving average is $18.16. The firm has a market capitalization of $30.66 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 0.44 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, hitting 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 fiscal year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, February 28th. Barrick Gold’s payout ratio is 32.52%.

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

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.