Connor Clark & Lunn Investment Management Ltd. Raises Stake in Barrick Gold Corp (NYSE:GOLD)

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 221.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,027,811 shares of the gold and copper producer’s stock after buying an additional 6,904,934 shares during the quarter. Barrick Gold comprises 1.0% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 21st largest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.57% of Barrick Gold worth $199,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kingsview Wealth Management LLC purchased a new position in Barrick Gold during the first quarter valued at approximately $190,000. Orion Portfolio Solutions LLC increased its holdings in shares of Barrick Gold by 6.0% in the first quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock worth $1,367,000 after purchasing an additional 4,652 shares during the period. Vanguard Group Inc. raised its position in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after buying an additional 1,089,572 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Barrick Gold by 262.6% during the first quarter. Acadian Asset Management LLC now owns 47,500 shares of the gold and copper producer’s stock valued at $789,000 after buying an additional 34,400 shares during the period. Finally, Seven Eight Capital LP purchased a new position in Barrick Gold during the first quarter worth about $652,000. 62.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on GOLD. Raymond James lowered their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Royal Bank of Canada raised their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Scotiabank lowered their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. Finally, TD Securities cut their target price on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold Trading Up 3.1 %

NYSE GOLD opened at $17.73 on Wednesday. The firm has a market cap of $30.99 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.56. Barrick Gold Corp has a 1-year low of $13.76 and a 1-year high of $21.35. The stock has a 50-day moving average of $19.61 and a 200-day moving average of $18.50. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.26%. Barrick Gold’s payout ratio is currently 43.01%.

About Barrick Gold

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.