Moran Wealth Management LLC Reduces Stock Holdings in Barrick Gold Corp (NYSE:GOLD)

Moran Wealth Management LLC lowered its position in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 0.4% in the third quarter, HoldingsChannel reports. The firm owned 210,568 shares of the gold and copper producer’s stock after selling 861 shares during the period. Moran Wealth Management LLC’s holdings in Barrick Gold were worth $4,188,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GOLD. Clean Yield Group purchased a new stake in shares of Barrick Gold in the first quarter valued at about $25,000. Exchange Traded Concepts LLC grew its holdings in shares of Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares during the period. Crewe Advisors LLC grew its holdings in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Barrick Gold in the second quarter valued at about $32,000. Finally, Eastern Bank purchased a new position in Barrick Gold during the third quarter worth about $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $17.90 on Thursday. The firm’s fifty day simple moving average is $19.58 and its 200-day simple moving average is $18.50. The stock has a market capitalization of $31.29 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 0.39 and a beta of 0.56. Barrick Gold Corp has a 12 month low of $13.76 and a 12 month high of $21.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.23%. Barrick Gold’s payout ratio is 43.01%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GOLD shares. UBS Group lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. TD Securities lowered their target price on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Jefferies Financial Group increased their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Scotiabank lowered their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold 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.