CIBC Asset Management Inc Lowers Holdings in Barrick Gold Corp (NYSE:GOLD)

CIBC Asset Management Inc trimmed its holdings in shares of Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX by 52.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,650,384 shares of the gold and copper producer's stock after selling 7,293,239 shares during the quarter. CIBC Asset Management Inc owned 0.39% of Barrick Gold worth $103,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its stake in Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer's stock worth $28,000 after buying an additional 935 shares during the last quarter. Eastern Bank purchased a new stake in Barrick Gold during the 3rd quarter valued at about $32,000. JFS Wealth Advisors LLC grew its stake in Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer's stock valued at $38,000 after purchasing an additional 1,563 shares during the last quarter. AlphaMark Advisors LLC purchased a new stake in Barrick Gold during the 3rd quarter valued at about $60,000. Finally, BNP Paribas grew its stake in Barrick Gold by 221.7% during the 3rd quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer's stock valued at $62,000 after purchasing an additional 2,113 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Price Performance

Shares of Barrick Gold stock traded up $0.04 during mid-day trading on Thursday, reaching $18.82. 25,493,439 shares of the stock traded hands, compared to its average volume of 22,608,293. The business has a 50-day moving average of $16.32 and a 200 day moving average of $18.17. Barrick Gold Corp has a fifty-two week low of $14.27 and a fifty-two week high of $21.35. The stock has a market capitalization of $32.50 billion, a PE ratio of 15.30, a PEG ratio of 0.43 and a beta of 0.55. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last announced its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting analysts' consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. On average, analysts predict that Barrick Gold Corp will post 1.47 EPS for the current year.

Barrick Gold announced that its board has approved a stock repurchase plan on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the gold and copper producer to reacquire up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.40 annualized dividend and a dividend yield of 2.13%. Barrick Gold's dividend payout ratio is presently 32.52%.

Analyst Ratings Changes

Several research firms have weighed in on GOLD. Raymond James dropped their price target on Barrick Gold from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Cibc World Mkts downgraded Barrick Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 25th. Citigroup dropped their price target on Barrick Gold from $23.00 to $17.00 and set a "neutral" rating on the stock in a research note on Friday, December 20th. UBS Group downgraded 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. Finally, TD Securities lowered their target price on Barrick Gold from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $23.75.

Barrick Gold 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.