Goodhaven Capital Management Lowers stake in Barrick Gold Corporation (USA) (ABX)

Barrick Gold Corporation (USA) (ABX) : Goodhaven Capital Management reduced its stake in Barrick Gold Corporation (USA) by 9.63% during the most recent quarter end. The investment management company now holds a total of 2,763,185 shares of Barrick Gold Corporation (USA) which is valued at $60,099,274 after selling 294,400 shares in Barrick Gold Corporation (USA) , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Barrick Gold Corporation (USA) makes up approximately 19.15% of Goodhaven Capital Management’s portfolio.

Other Hedge Funds, Including , Camarda Financial Advisors sold out all of its stake in ABX during the most recent quarter. The investment firm sold 18,505 shares of ABX which is valued $402,484. Blair William Coil added ABX to its portfolio by purchasing 12,686 company shares during the most recent quarter which is valued at $275,794. Cambridge Investment Research Advisors sold out all of its stake in ABX during the most recent quarter. The investment firm sold 10,867 shares of ABX which is valued $230,815.Wall Street Access Asset Management reduced its stake in ABX by selling 1,000 shares or 5.84% in the most recent quarter. The Hedge Fund company now holds 16,120 shares of ABX which is valued at $361,410. Barrick Gold Corporation (USA) makes up approx 0.21% of Wall Street Access Asset Management’s portfolio.

Barrick Gold Corporation (USA) closed down -0.3 points or -1.47% at $20.09 with 1,05,39,370 shares getting traded on Tuesday. Post opening the session at $20.47, the shares hit an intraday low of $20.05 and an intraday high of $20.6 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Barrick Gold Corporation (USA) reported $0.14 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus of $0.15. The company had revenue of $2012.00 million for the quarter, compared to analysts expectations of $2073.46 million. The company’s revenue was down -9.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.01 EPS.

Investors should note that on Jul 27, 2016, Barrick Gold Corporation (USA) announced a cash dividend of $0.0200. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 15, 2016.

Many Wall Street Analysts have commented on Barrick Gold Corporation (USA). Barrick Gold Corporation (USA) was Initiated by Morgan Stanley to “Equal-Weight” on Aug 9, 2016. Company shares were Reiterated by Barclays on Aug 8, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 22 from a previous price target of $14 .Citigroup Initiated Barrick Gold Corporation (USA) on Aug 2, 2016 to “Buy”, Price Target of the shares are set at $29.

Barrick Gold Corporation (Barrick) is a gold mining company. The Company is engaged in the production and sale of gold and copper as well as related activities such as exploration and mine development. The Company operates in segments: eight individual gold mines Acacia and Pascua-Lama project. The remaining operating segments have been grouped into two other categories: its remaining gold mines and its two copper mines. The Company sells its production in the world market through the distribution channels: gold bullion is sold in the gold spot market; gold and copper concentrate is sold to independent smelting companies and copper cathode is sold to various manufacturers and traders. The Company has 14 producing gold mines located in Canada the United States Peru Argentina Australia the Dominican Republic and Papua New Guinea. It also holds a 63.9% equity interest in Acacia Mining plc (Acacia) that owns gold mines and exploration properties in Africa.

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