Barrick Mining (NYSE:B) Shares Down 2.6% – Time to Sell?

Barrick Mining Corporation (NYSE:B) (TSE:ABX) shares fell 2.6% during trading on Thursday. The stock traded as low as $38.46 and last traded at $38.6730. Approximately 8,289,817 shares were traded during trading, a decline of 31% from the average session volume of 12,022,930 shares. The stock had previously closed at $39.69.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Freedom Broker lowered shares of Barrick Mining from a “buy” rating to a “hold” rating and lowered their price target for the company from $54.00 to $46.00 in a report on Thursday, October 22nd. Sanford C. Bernstein reduced their price objective on Barrick Mining from $61.00 to $56.50 and set an “outperform” rating on the stock in a report on Wednesday, September 9th. Canadian Imperial Bank of Commerce lowered Barrick Mining from a “sector outperform” rating to a “neutral” rating and decreased their price objective for the company from $57.00 to $49.00 in a research report on Friday, October 16th. Scotiabank decreased their price objective on Barrick Mining from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised Barrick Mining from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.59.

Barrick Mining Stock Down 4.3%

The firm’s 50 day moving average price is $42.18 and its 200-day moving average price is $42.24. The company has a current ratio of 3.01, a quick ratio of 2.36 and a debt-to-equity ratio of 0.13. The company has a market cap of $60.47 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.20 and a beta of 0.48.

Barrick Mining (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Monday, August 10th. The gold and copper producer reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Barrick Mining had a net margin of 31.60% and a return on equity of 16.02%. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. Barrick Mining’s revenue for the quarter was up 43.8% compared to the same quarter last year. As a group, equities research analysts expect that Barrick Mining Corporation will post 3.49 EPS for the current year.

Barrick Mining Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were issued a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, August 31st. Barrick Mining’s payout ratio is currently 18.04%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in B. Royal Bank of Canada grew its holdings in shares of Barrick Mining by 10.9% during the first quarter. Royal Bank of Canada now owns 39,598,520 shares of the gold and copper producer’s stock worth $1,615,225,000 after buying an additional 3,881,841 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Barrick Mining by 1.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 14,992,792 shares of the gold and copper producer’s stock valued at $612,067,000 after buying an additional 175,342 shares during the last quarter. Ninety One UK Ltd lifted its stake in Barrick Mining by 13.1% in the 3rd quarter. Ninety One UK Ltd now owns 14,143,606 shares of the gold and copper producer’s stock valued at $575,220,000 after acquiring an additional 1,640,224 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in Barrick Mining by 4.4% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 7,400,867 shares of the gold and copper producer’s stock valued at $296,300,000 after acquiring an additional 313,297 shares in the last quarter. Finally, Swiss National Bank boosted its position in Barrick Mining by 25.9% during the 1st quarter. Swiss National Bank now owns 5,680,129 shares of the gold and copper producer’s stock worth $231,788,000 after acquiring an additional 1,167,000 shares during the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

Barrick Mining Company Profile

Barrick Mining Corporation, formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the exploration, development and production of gold and copper. Its activities include operating mines, advancing development projects and managing mineral reserves across multiple jurisdictions.

The company’s gold operations include Nevada Gold Mines in the United States, a joint venture in which Barrick is the operator, as well as mines and projects in Canada, the Dominican Republic, Mali, Côte d’Ivoire, Tanzania and the Democratic Republic of the Congo.