Pinnacle Associates Ltd. Acquires 6,649 Shares of Barrick Gold Corporation (NYSE:ABX)

Pinnacle Associates Ltd. grew its holdings in shares of Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) by 17.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,687 shares of the basic materials company’s stock after acquiring an additional 6,649 shares during the period. Pinnacle Associates Ltd.’s holdings in Barrick Gold Corporation were worth $711,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ABX. BlackRock Inc. grew its holdings in Barrick Gold Corporation by 40,554.0% during the 1st quarter. BlackRock Inc. now owns 23,482,163 shares of the basic materials company’s stock worth $445,925,000 after acquiring an additional 23,424,402 shares during the period. Flossbach Von Storch AG grew its stake in shares of Barrick Gold Corporation by 104.8% in the 2nd quarter. Flossbach Von Storch AG now owns 26,529,688 shares of the basic materials company’s stock valued at $422,088,000 after buying an additional 13,576,086 shares during the period. Legal & General Group Plc grew its stake in shares of Barrick Gold Corporation by 253,067.4% in the 1st quarter. Legal & General Group Plc now owns 5,124,109 shares of the basic materials company’s stock valued at $97,047,000 after buying an additional 5,122,085 shares during the period. Van ECK Associates Corp grew its stake in shares of Barrick Gold Corporation by 5.5% in the 1st quarter. Van ECK Associates Corp now owns 74,763,721 shares of the basic materials company’s stock valued at $1,419,763,000 after buying an additional 3,877,115 shares during the period. Finally, FMR LLC grew its stake in shares of Barrick Gold Corporation by 13.7% in the 1st quarter. FMR LLC now owns 18,633,462 shares of the basic materials company’s stock valued at $353,936,000 after buying an additional 2,241,822 shares during the period. Hedge funds and other institutional investors own 55.65% of the company’s stock.

Barrick Gold Corporation (NYSE ABX) opened at 16.36 on Friday. Barrick Gold Corporation has a 52-week low of $13.81 and a 52-week high of $20.78. The company has a market cap of $19.08 billion, a PE ratio of 8.10 and a beta of -0.29. The firm’s 50 day moving average is $17.20 and its 200 day moving average is $17.21.

Barrick Gold Corporation (NYSE:ABX) (TSE:ABX) last posted its quarterly earnings results on Wednesday, July 26th. The basic materials company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.05. Barrick Gold Corporation had a net margin of 26.95% and a return on equity of 8.91%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. Analysts forecast that Barrick Gold Corporation will post $0.74 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date of this dividend was Tuesday, August 29th. Barrick Gold Corporation’s payout ratio is 5.94%.

Several analysts have recently commented on ABX shares. Royal Bank Of Canada restated an “outperform” rating on shares of Barrick Gold Corporation in a research note on Friday, August 18th. Berenberg Bank restated a “sell” rating and issued a $15.20 target price on shares of Barrick Gold Corporation in a research note on Friday, June 2nd. Barclays PLC restated an “equal weight” rating and issued a $20.00 target price (down from $22.00) on shares of Barrick Gold Corporation in a research note on Thursday, June 1st. Deutsche Bank AG restated a “buy” rating and issued a $21.00 target price (down from $22.00) on shares of Barrick Gold Corporation in a research note on Sunday, June 25th. Finally, BidaskClub upgraded Barrick Gold Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Barrick Gold Corporation currently has a consensus rating of “Hold” and a consensus price target of $20.59.

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About Barrick Gold Corporation

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is principally engaged in the production and sale of gold and copper, as well as related activities, such as exploration and mine development. The Company’s segments include Goldstrike, Cortez, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Acacia Mining plc (Acacia), Pascua-Lama and Other Mines.

Institutional Ownership by Quarter for Barrick Gold Corporation (NYSE:ABX)

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