British Columbia Investment Management Corp Reduces Stake in Barrick Gold Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp has significantly cut its investment in Barrick Gold Corp (NYSE:GOLD, TSE:ABX) by 74.0% during the third quarter, as revealed in its latest SEC filing. After selling 3,068,707 shares during this period, the institutional investor now holds 1,075,749 shares of the gold and copper producer, with a total value of approximately $21,395,000, representing about 0.06% ownership in the company as of the end of the quarter.

Other Institutional Movements

In addition to British Columbia Investment Management Corp's reduction, several other institutional investors and hedge funds have adjusted their stakes in Barrick Gold. For instance, DCF Advisers LLC increased its position by 48.3% in the second quarter, acquiring an additional 35,000 shares for a total of 107,500 shares valued at $1,793,000. Meanwhile, Mizuho Markets Americas LLC raised its stake by 21.7% during the third quarter, amassing a total of 2,317,580 shares worth $46,097,000 after buying 413,012 shares. Additionally, Entropy Technologies LP entered a new position in Barrick Gold valued at $3,711,000, while Aigen Investment Management LP saw a massive increase of 330.5% in its stake, now owning 99,240 shares worth $1,974,000 following an acquisition of 76,186 shares. Lastly, Evexia Wealth LLC also made a new investment in Barrick Gold, valued at $2,382,000. Currently, around 62.85% of Barrick Gold's stock is owned by hedge funds and institutional investors.

Recent Stock Performance

As of Friday, the shares of NYSE: GOLD were trading at $17.49. Barrick Gold Corp recorded a 52-week low of $13.76 and a 52-week high of $21.35. The company's market capitalization stands at $30.57 billion, with a price-to-earnings ratio of 18.81, a PEG ratio of 0.48, and a beta of 0.56. The stock has seen a 50-day moving average price of $19.20 and a 200-day moving average price of $18.54. Barrick Gold also reported a debt-to-equity ratio of 0.14, a quick ratio of 2.06, and a current ratio of 2.65.

Dividend Announcement

In further news, Barrick Gold recently declared a quarterly dividend set to be paid on Monday, December 16th. Shareholders who are on record as of Friday, November 29th, will receive a dividend of $0.10 per share, culminating in an annualized dividend of $0.40, corresponding to a dividend yield of 2.29%. The ex-dividend date is also scheduled for November 29th, and the company's payout ratio stands at 43.01%.

Analyst Ratings and Research Updates

Shares of Barrick Gold have attracted attention from Wall Street analysts recently. Raymond James lowered its price target from $26.00 to $25.00 while maintaining an "outperform" rating for the stock. UBS Group downgraded the rating from "buy" to "neutral" and cut its price target from $23.00 to $22.00. TD Securities also adjusted its price target downward from $26.00 to $25.00, while setting a "buy" rating. Additionally, CIBC World Markets changed its rating from "strong-buy" to "hold." In contrast, Berenberg Bank raised its price target from $37.00 to $38.00. Currently, four analysts have recommended holding the stock, while eight suggest buying it. The consensus rating for Barrick Gold is classified as a "Moderate Buy" with an average target price of $25.60.

About Barrick Gold Corporation

Barrick Gold Corporation is a leading producer of gold and copper, with shares traded on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange as ABX. In January 2019, Barrick merged with Randgold Resources, and later that year, it formed a joint venture with Newmont Corporation in Nevada, known as Nevada Gold Mines, which is majority-owned and operated by Barrick.

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