Van Eck Associates Corp. recently announced the acquisition of new stake in Barrick Gold Corporation (NYSE:GOLD). The institutional investor has increased its shareholding in the Basic Materials company by 5.89% to 87.45 million shares with purchase of 4.87 million shares. This fresh investment now brings its stake to 4.92% valued currently at $2.53 billion. In addition, Fidelity (Canada) Asset Managemen. raised its holdings by 5.39 million to 57.03 million shares. And The Vanguard Group, Inc. has lifted its position by 2.40% or 1.12 million shares – to 47.99 million shares.
With over 16.74 million Barrick Gold Corporation (GOLD) shares trading Monday and a closing price of $28.97 on the day, the dollar volume was approximately $484.87 million. The shares have shown a negative weekly performance of -3.85% and its price on 08/24/20 lost nearly -1.16%. Currently, there are 1.78B common shares owned by the public and among those 1.75B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 21 analysts who have offered their price forecasts for GOLD have a consensus price objective of $33.18. The analysts have set the share’s price value over the next 12 months at a high of $38.00 and a low of $27.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Barrick Gold Corporation stock is 2.00 for the next 12 months. The average price target is 11.08% above its last price level and an upside to the estimated low will see the stock lose -7.3% over that period. But an upside of 23.76% will see the stock hit the forecast high price target while mean target price for the stock is $33.93.
The top 3 mutual fund holders in Barrick Gold Corporation are VanEck Vectors – Gold Miners ETF, Flossbach von Storch SICAV – Mult, and Vanguard Total International Stoc. VanEck Vectors – Gold Miners ETF owns 76.83 million shares of the company’s stock, all valued at over $2.22 billion. The company bought an additional 0.23 million shares recently to bring their total holdings to about 4.32% of the shares outstanding. Flossbach von Storch SICAV – Mult bought 5.95 million shares to see its total holdings expand to 31.95 million shares valued at over $923.76 million and representing 1.80% of the shares outstanding. Vanguard Total International Stoc sold -0.27 million shares to bring its total holdings to over 29.89 million shares at a value of $864.08 million. Vanguard Total International Stoc now owns shares totaling to 1.68% of the shares outstanding.
Shares of Barrick Gold Corporation (NYSE: GOLD) opened at $29.78, up $0.47 from a prior closing price of $29.31. However, the script later closed the day at $28.97, down -1.16%. The company’s stock has a 5-day price change of -3.85% and 17.15% over the past three months. GOLD shares are trading 55.84% year to date (YTD), with the 12-month market performance up to 51.36% higher. It has a 12-month low price of $12.65 and touched a high of $31.22 over the same period. Currently, 16.74 million shares have been traded, compared to an average intraday trading volume of 18.82 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.62%, 5.89%, and 30.81% respectively.
Institutional ownership of Barrick Gold Corporation (NYSE: GOLD) shares accounts for 72.10% of the company’s 1.78B shares outstanding. Mutual fund holders own 19.12%, while other institutional holders and individual stakeholders account for 47.02% and — respectively.
It has a market capitalization of $52.68B and a beta (3y monthly) value of 0.27. The stock’s trailing 12-month PE ratio is 11.58, while the earnings-per-share (ttm) stands at $2.50. The company has a PEG of 0.41 and a Quick Ratio of 2.60 with the debt-to-equity ratio at 0.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.99% over the week and 3.79% over the month.
Analysts forecast that Barrick Gold Corporation (GOLD) will achieve an EPS of $0.29 for the current quarter, $0.32 for the next quarter and $1.29 for 2021. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.49. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 270.50%, and 29.48% over the next financial year. EPS should grow at an annualized rate of 28.16% over the next five years, compared to 23.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Barrick Gold Corporation (GOLD) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 6 of the 21 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the GOLD, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on August 12, 2020, with the firm’s price target at. Barclays coverage for the Barrick Gold Corporation (GOLD) stock in a research note released on April 16, 2020 offered a Equal Weight rating with a price target of. UBS was of a view on March 13, 2020 that the stock is Buy, while Credit Suisse gave the stock Outperform rating on January 16, 2020, issuing a price target of $21- $22. BofA/Merrill on their part issued Buy rating on December 19, 2019.