Northwestern Mutual Wealth Management Co. Acquires Shares of 48,629 Barrick Mining Corporation $B

Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Barrick Mining Corporation (NYSE:B) (TSE:ABX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,629 shares of the gold and copper producer’s stock, valued at approximately $1,012,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. purchased a new stake in shares of Barrick Mining during the second quarter worth about $1,459,633,000. Cadence Wealth Management LLC bought a new position in Barrick Mining during the 2nd quarter valued at approximately $1,112,000. Hillsdale Investment Management Inc. purchased a new stake in Barrick Mining in the 2nd quarter worth approximately $30,641,000. Hedges Asset Management LLC bought a new stake in shares of Barrick Mining in the 2nd quarter worth approximately $1,249,000. Finally, Chemistry Wealth Management LLC purchased a new position in shares of Barrick Mining during the second quarter valued at approximately $246,000. 90.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on B shares. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Barrick Mining in a research note on Wednesday, September 24th. Scotiabank raised shares of Barrick Mining from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $27.50 to $43.00 in a research report on Thursday, October 23rd. Cowen reaffirmed a “buy” rating on shares of Barrick Mining in a research note on Wednesday, November 26th. Citigroup raised shares of Barrick Mining from a “hold” rating to a “buy” rating in a research note on Monday, November 24th. Finally, BNP Paribas upgraded shares of Barrick Mining to a “neutral” rating and set a $50.00 price objective for the company in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Barrick Mining currently has a consensus rating of “Moderate Buy” and an average target price of $46.45.

Barrick Mining Stock Up 0.2%

Shares of Barrick Mining stock opened at $40.99 on Friday. Barrick Mining Corporation has a 1 year low of $15.11 and a 1 year high of $43.08. The firm has a market cap of $69.17 billion, a price-to-earnings ratio of 19.80, a PEG ratio of 0.43 and a beta of 0.40. The company has a 50-day moving average of $35.33 and a 200 day moving average of $27.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.94 and a quick ratio of 2.33.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings data on Monday, November 10th. The gold and copper producer reported $0.58 EPS for the quarter, topping the consensus estimate of $0.57 by $0.01. Barrick Mining had a net margin of 24.53% and a return on equity of 9.48%. The business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.20 billion. During the same quarter in the previous year, the firm posted $0.09 earnings per share. Barrick Mining’s quarterly revenue was up 23.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Barrick Mining Corporation will post 1.47 earnings per share for the current fiscal year.

Barrick Mining Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 28th. This is an increase from Barrick Mining’s previous quarterly dividend of $0.15. Barrick Mining’s dividend payout ratio (DPR) is currently 33.82%.

Barrick Mining Company 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.