Barrick Mining (NYSE:B) Stock Falls 2.4% – Here’s What Happened

Barrick Mining Corporation (NYSE:B) (TSE:ABX) fell 2.4% during mid-day trading on Tuesday. The stock traded as low as $36.94 and last traded at $37.0450. Approximately 5,752,783 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 11,951,524 shares. The stock had previously closed at $37.97.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on B shares. Canadian Imperial Bank of Commerce lowered Barrick Mining from a “sector outperform” rating to a “neutral” rating and reduced their target price for the stock from $57.00 to $49.00 in a research note on Friday, October 16th. Scotiabank cut their price objective on Barrick Mining from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Weiss Ratings upgraded Barrick Mining from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Royal Bank Of Canada raised their price objective on Barrick Mining from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Finally, RBC Dominion Securities set a $53.00 target price on Barrick Mining and gave the stock an “outperform” rating in a report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Barrick Mining presently has an average rating of “Moderate Buy” and an average target price of $52.59.

Barrick Mining Price Performance

The company has a quick ratio of 2.36, a current ratio of 3.01 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $41.99 and its two-hundred day moving average price is $42.18. The stock has a market cap of $60.33 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 1.24 and a beta of 0.52.

Barrick Mining (NYSE:B) (TSE:ABX) last announced its quarterly earnings results on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Barrick Mining had a return on equity of 16.02% and a net margin of 31.60%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.10 billion. During the same period last year, the business earned $0.47 earnings per share. Barrick Mining’s quarterly revenue was up 43.8% on a year-over-year basis. Equities research analysts forecast that Barrick Mining Corporation will post 3.49 EPS for the current fiscal year.

Barrick Mining Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a dividend of $0.1750 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, August 31st. Barrick Mining’s payout ratio is 18.04%.

Hedge Funds Weigh In On Barrick Mining

Large investors have recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new position in shares of Barrick Mining during the 1st quarter valued at about $28,000. Continuum Advisory LLC acquired a new stake in Barrick Mining during the second quarter worth about $32,000. Root Financial Partners LLC acquired a new stake in Barrick Mining during the third quarter worth about $38,000. Allied Private Wealth LLC purchased a new position in Barrick Mining during the second quarter worth about $35,000. Finally, Main Street Group LTD purchased a new position in Barrick Mining during the first quarter worth about $46,000. 90.82% of the stock is currently owned by institutional investors and hedge funds.

Barrick Mining Company Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.