Beverly Hills Private Wealth LLC has recently acquired a new position in Barrick Mining Corporation during the third quarter of 2023. According to the firm’s disclosure with the Securities and Exchange Commission (SEC), the investment firm purchased 10,787 shares of the gold and copper producer, valued at approximately $354,000. This move highlights growing interest among institutional investors in Barrick Mining, which is listed on the New York Stock Exchange under the symbol NYSE:B.
Several other institutional investors have also adjusted their stakes in Barrick Mining. Notably, Vanguard Group Inc. made a significant acquisition in the second quarter, investing $1,459,633,000 in the company. Measured Wealth Private Client Group LLC added a new stake worth about $696,000, while Philadelphia Trust Co. invested approximately $1,412,000. CIBC Asset Management Inc. notably increased its holdings by 316.0% during the third quarter, bringing its total ownership to 18,287,558 shares, valued at $601,115,000. Currently, approximately 90.82% of Barrick Mining’s stock is held by hedge funds and other institutional investors.
Barrick Mining’s Recent Performance
This week, Barrick Mining’s stock opened at $47.95. The company’s 50-day simple moving average stands at $47.11, while its 200-day simple moving average is $37.52. With a market capitalization of $80.33 billion, Barrick Mining has a price-to-earnings (PE) ratio of 16.36, a price/earnings-to-growth (PEG) ratio of 0.39, and a beta of 0.40. Over the past year, its stock has fluctuated between a low of $17.00 and a high of $54.69.
On February 5, 2024, Barrick Mining reported its quarterly earnings, revealing earnings per share (EPS) of $1.04, surpassing analysts’ expectations of $0.85 by $0.19. The firm achieved a net margin of 29.45% and a return on equity of 12.10%. Barrick’s revenue reached $5.98 billion for the quarter, significantly exceeding the consensus estimate of $5.15 billion and marking a year-over-year increase of 44.6%.
Dividend Announcement and Future Outlook
In another positive development, Barrick Mining has declared a quarterly dividend of $0.42, set to be paid on March 16, 2024. Shareholders of record on February 27, 2024, will receive this dividend. This increase from the previous quarterly dividend of $0.18 translates to an annualized dividend of $1.68 and a yield of 3.5%. The company’s current dividend payout ratio (DPR) is 23.89%, indicating a strong commitment to returning value to shareholders.
Barrick Gold Corporation, commonly referred to as Barrick, is headquartered in Toronto and focuses on the exploration, development, production, and sale of gold and copper. It operates as an integrated minerals producer, managing large-scale mining complexes and processing facilities, thereby covering the entire mining value chain from exploration to reclamation. As Barrick continues to attract institutional investment, its performance and strategic decisions will be closely monitored by market analysts and investors alike.
