Stocks

EdgePoint Investment Group Inc. Reduces Stake in Barrick Gold Corp

Published December 7, 2024

EdgePoint Investment Group Inc. has reduced its holdings in Barrick Gold Corp (NYSE:GOLD - Free Report) (TSE:ABX) by 11.3% during the third quarter, based on its latest filing with the Securities & Exchange Commission. After offloading 2,119,537 shares, the institutional investor now holds 16,717,491 shares of the gold and copper producer. Barrick Gold makes up 2.6% of EdgePoint Investment Group Inc.'s portfolio, ranking as its 20th largest holding. As per the recent SEC filing, EdgePoint Investment Group Inc. owns 0.96% of Barrick Gold, valued at approximately $332,344,000.

Changes in Institutional Holdings

Several other institutional investors have also adjusted their positions in Barrick Gold. In the first quarter, Cetera Advisors LLC increased its stake in the company by 103.4%, now owning 45,087 shares valued at $750,000 after buying an additional 22,921 shares last quarter. Similarly, Simplicity Wealth LLC raised their position by 17.0% in the second quarter, now holding 28,151 shares worth $470,000 after an extra purchase of 4,092 shares. Gateway Investment Advisers LLC boosted its stake by 12.3% during the same period, owning 283,754 shares valued at $4,733,000 following an increase of 31,082 shares. In addition, Granite Bay Wealth Management LLC initiated a new position in Barrick Gold worth $348,000. Bangor Savings Bank also grew its holdings by 4.4%, now possessing 21,445 shares valued at $358,000 after acquiring an extra 904 shares. Currently, institutional investors hold about 62.85% of Barrick Gold stock.

Analyst Ratings and Forecasts

Numerous analysts have recently provided insights on Barrick Gold shares. TD Securities lowered their price target from $26.00 to $25.00 while maintaining a "buy" rating. CIBC downgraded the stock from a "sector outperform" to a "neutral" rating. Raymond James also reduced their price target to $25.00 with an "outperform" rating. Conversely, Royal Bank of Canada raised their target price from $21.00 to $22.00, giving Barrick an "outperform" designation. Argus upgraded Barrick Gold from a "hold" to a "buy" rating, setting a target price of $24.00. Overall, four analysts have assigned a hold rating while eight have opted for a buy rating, leading to a consensus rating of "Moderate Buy" and an average target price of $25.60.

Current Stock Performance

The stock of Barrick Gold opened at $16.77 on Friday, reflecting a decline of 1.1%. The company has a quick ratio of 2.06, a current ratio of 2.65, and a debt-to-equity ratio of 0.14. Its market capital stands at $29.31 billion, with a price-to-earnings (P/E) ratio of 18.03 and a P/E/G ratio of 0.48, showing a beta of 0.53. Barrick Gold's 50-day moving average price is $18.94, and the 200-day moving average stands at $18.52. The stock has fluctuated significantly with a twelve-month low of $13.76 and a high of $21.35.

Dividend Announcement

Recently, Barrick Gold declared a quarterly dividend, scheduled for payment on Monday, December 16th. Shareholders on record as of Friday, November 29th, will receive a dividend of $0.10 per share, with an ex-dividend date set for the same day. This represents an annualized dividend of $0.40, providing a yield of 2.39%. The company’s payout ratio stands at 43.01%.

About Barrick Gold Corporation

Barrick Gold Corporation is a leading producer of gold and copper, trading under the symbol GOLD on the New York Stock Exchange and ABX on the Toronto Stock Exchange. The company merged with Randgold Resources in January 2019 and combined its Nevada gold mines with those of Newmont Corporation in a joint venture named Nevada Gold Mines, which is largely operated by Barrick.

References

Barrick, Investment, Stake