Quantbot Technologies LP Invests $4.20 Million in Barrick Gold Corp (NYSE:GOLD)

Quantbot Technologies LP has made a significant investment in Barrick Gold Corp (NYSE:GOLD, TSE:ABX), as revealed in its recent disclosure to the Securities and Exchange Commission (SEC). During the fourth quarter, the fund acquired a total of 271,195 shares of Barrick Gold, bringing the value of this investment to approximately $4,204,000.

Institutional Investment Trends

In addition to Quantbot Technologies LP, several institutional investors have adjusted their stakes in Barrick Gold. Notably, Van ECK Associates Corp increased its position by 2.1% in the fourth quarter and currently holds 76,299,834 shares valued at around $1.18 billion. Meanwhile, Wellington Management Group LLP increased its holdings by 2.7% in the previous quarter, owning 54,712,508 shares worth approximately $1.09 billion after purchasing an additional 1.45 million shares.

Amundi also raised its position by 1.7% during the fourth quarter, with now 14,120,278 shares valued at $223.67 million. The Manufacturers Life Insurance Company grew its holdings by 33.3% in the third quarter, owning 11,431,497 shares worth about $227.52 million. Lastly, Ruffer LLP expanded its stake by 14.8% in the last quarter and now possesses 10,269,848 shares valued at around $159.18 million. Overall, institutional investors collectively control 62.85% of Barrick Gold's stock.

Analysts' Predictions for Barrick Gold

Wall Street analysts have been active in providing insights on Barrick Gold. Citigroup recently reduced their price target from $23.00 to $17.00, maintaining a "neutral" rating. CIBC also changed their stance from "sector outperform" to "neutral." However, TD Securities set a higher price target of $23.00 and rated the company as a "buy." Similarly, UBS Group upgraded its outlook from "neutral" to "buy," with a new target price of $22.00.

Despite mixed views, a consensus rating of "Moderate Buy" exists, with an average price target sitting at $23.75, and analysts suggest that 5 have a hold rating while 7 preferred a buy rating.

Current Stock Performance

As of Friday, Barrick Gold shares opened at $18.80. The company's 50-day moving average is $17.15, and its 200-day moving average stands at $18.09. It boasts a market capitalization of approximately $32.46 billion, a PE ratio of 15.28, and a relatively low debt-to-equity ratio of 0.14. Barrick Gold has seen a low of $0.25 and a high of $21.35 over the past year.

Financial Performance

In its latest earnings report released on February 12, Barrick Gold reported earnings per share (EPS) of $0.46, aligning with analysts' forecasts. The firm also displayed a net margin of 16.59% and a return on equity of 6.76%. For the current fiscal year, analysts expect Barrick Gold to achieve EPS of 1.47.

Additionally, Barrick Gold announced a stock buyback plan worth $1 billion on February 12, allowing for the repurchase of up to 3.2% of shares. This decision often signifies management’s belief that the stock is undervalued, which could provide a favorable outlook for investors.

Dividend Announcement

The company has declared a quarterly dividend that is set to be paid on March 17. Shareholders on record as of February 28 will receive a dividend of $0.10, translating to an annualized dividend of $0.40 and a yield of 2.13%. The payout ratio currently stands at 32.52%.

About Barrick Gold Corp

Barrick Gold Corporation is a leading gold and copper producer, trading on the New York Stock Exchange under the ticker symbol GOLD and also on the Toronto Stock Exchange as ABX. The company has made notable moves in the past, such as merging with Randgold Resources in January 2019 and forming a joint venture with Newmont Corporation for its Nevada gold mines.

Investment, Gold, Stocks