Beverly Hills Private Wealth LLC has acquired a new stake in Barrick Mining Corporation (NYSE: B; TSE: ABX), marking a significant move during the third quarter of 2023. According to its latest disclosure with the U.S. Securities and Exchange Commission, the institutional investor purchased 10,787 shares of the gold and copper producer, valued at approximately $354,000. This investment highlights growing institutional interest in Barrick Mining, which continues to be a prominent player in the mining sector.
Several other institutional investors have also made adjustments to their positions in Barrick Mining. Vanguard Group Inc. entered a new position during the second quarter, investing $1,459,633,000 in the company. Additionally, Measured Wealth Private Client Group LLC acquired shares worth about $696,000, while Philadelphia Trust Co. purchased a new stake valued at around $1,412,000. CIBC Asset Management Inc. notably increased its investment by 316.0% in the same quarter, now holding 18,287,558 shares valued at $601,115,000. Currently, hedge funds and other institutional investors own approximately 90.82% of Barrick Mining’s stock.
Stock Performance and Recent Developments
On the trading front, Barrick Mining’s stock opened at $47.95 on Friday. The company’s 50-day simple moving average is $47.11, while its 200-day simple moving average stands at $37.52. With a market capitalization of $80.33 billion, Barrick Mining holds a price-to-earnings (P/E) ratio of 16.36 and a price-to-earnings growth (PEG) ratio of 0.39. The stock’s performance over the past year has seen a low of $17.00 and a high of $54.69.
In its most recent earnings report released on February 5, 2024, the company reported earnings per share (EPS) of $1.04, surpassing analyst expectations of $0.85 by $0.19. Barrick Mining achieved a net margin of 29.45% and a return on equity of 12.10%, with revenue reaching $5.98 billion for the quarter, significantly above the consensus estimate of $5.15 billion. Year-over-year, this reflects an impressive revenue increase of 44.6%.
Dividend Announcement and Company Overview
In a positive development for shareholders, Barrick Mining has declared a quarterly dividend of $0.42, scheduled for payment on March 16, 2024. Shareholders of record as of February 27, 2024, will receive this dividend, which represents a notable increase from the previous quarterly dividend of $0.18. The annualized dividend amounts to $1.68, yielding 3.5%. The company’s dividend payout ratio currently stands at 23.89%.
Barrick Gold Corporation, often referred to simply as Barrick, is headquartered in Toronto and is primarily engaged in the exploration, development, production, and sale of gold and copper. Listed on major exchanges including the New York Stock Exchange under the symbol B, Barrick operates as an integrated minerals producer. Its activities encompass the entire mining value chain, which includes greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.
For further insights and updates on Barrick Mining, stakeholders are encouraged to keep an eye on market reports and institutional filings.
