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

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) by 221.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,027,811 shares of the gold and copper producer’s stock after buying an additional 6,904,934 shares during the period. Barrick Gold accounts for 1.0% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 21st biggest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Barrick Gold were worth $199,427,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GOLD. Kingsview Wealth Management LLC bought a new position in Barrick Gold in the 1st quarter worth $190,000. Orion Portfolio Solutions LLC increased its position in shares of Barrick Gold by 6.0% during the first quarter. Orion Portfolio Solutions LLC now owns 82,133 shares of the gold and copper producer’s stock valued at $1,367,000 after buying an additional 4,652 shares during the period. Vanguard Group Inc. raised its stake in 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 lifted its holdings in Barrick Gold by 262.6% in the first quarter. Acadian Asset Management LLC now owns 47,500 shares of the gold and copper producer’s stock worth $789,000 after buying an additional 34,400 shares during the period. Finally, Seven Eight Capital LP bought a new stake in Barrick Gold during the 1st quarter valued at approximately $652,000. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Stock Performance

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

Barrick Gold Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GOLD shares. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Raymond James lowered their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. Finally, Scotiabank cut 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 report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold Company Profile

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.