SouthState Corp Increases Stake in Barrick Gold Corp (NYSE:GOLD)

SouthState Corp boosted its stake in Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 458,336 shares of the gold and copper producer’s stock after buying an additional 9,922 shares during the period. SouthState Corp’s holdings in Barrick Gold were worth $7,645,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Principal Securities Inc. bought a new position in shares of Barrick Gold in the 4th quarter worth about $26,000. Clean Yield Group bought a new position in shares of Barrick Gold during the first quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after purchasing an additional 1,143 shares during the last quarter. Crewe Advisors LLC boosted its position in shares of Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Barrick Gold in the 2nd quarter worth approximately $32,000. 62.85% of the stock is owned by institutional investors.

Barrick Gold Stock Performance

GOLD stock traded up $0.33 on Thursday, hitting $19.65. The company had a trading volume of 4,745,802 shares, compared to its average volume of 21,500,877. The stock has a market cap of $34.44 billion, a price-to-earnings ratio of 24.09, a P/E/G ratio of 0.51 and a beta of 0.51. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $18.55 and its 200 day simple moving average is $17.20. Barrick Gold Corp has a 12-month low of $13.76 and a 12-month high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Barrick Gold had a return on equity of 5.55% and a net margin of 12.78%. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. Barrick Gold’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts expect that Barrick Gold Corp will post 1.21 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Scotiabank lifted their price objective on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Jefferies Financial Group upped their price target on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. CIBC raised their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.80.

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.