Revised Price Target Brightens Barrick Gold’s Outlook
Barrick Gold (XTRA:ABR) investors have newfound cause for celebration as the average one-year price target reaches a shining 19.30 per share. This impressive surge of 30.51% from the previous estimate of 14.79, as of January 18, 2024, illustrates a distinctly bullish sentiment.
Analysts have contributed varied targets, spanning from a modest 13.38 to a lofty 27.22 per share. The revised average marks an uplifting 44.76% increase from the most recent closing price of 13.33 per share. This upward trajectory paints a promising picture of the company’s future prospects amidst the dynamic market landscape.
Pulsating Pulse: Insights into Fund Sentiment
Delving into the realm of fund activity, Barrick Gold has captured the attention of 1067 funds or institutions. This recent figure reflects a minor reduction of 7 owners or 0.65% in the last quarter. Remarkably, the average portfolio weight dedicated to ABR has surged by 4.25%, reaching a solid 0.50%. Institutions have demonstrated their confidence in the company, with total shares owned experiencing a 2.03% upturn to 1,268,382K shares over the past three months.
Shifting Shareholder Tides: Notable Institutional Movements
Among the institutional giants, Wellington Management Group Llp stands out with 100,681K shares, representing 5.73% ownership of Barrick Gold. The firm’s previous filing unveiled ownership of 63,552K shares, showcasing a significant 36.88% surge. In a surprising twist, Wellington Management Group Llp trimmed its portfolio allocation in ABR by 73.62% in the last quarter, emphasizing a shift in their strategic positioning.
Meanwhile, Van Eck Associates holds 80,934K shares, constituting 4.61% ownership of Barrick Gold. The firm has been on a positive trajectory, registering an 8.83% increase from the previous filing. Notably, Van Eck Associates boosted its portfolio allocation in ABR by 13.08% during the last quarter, implying a growing affinity towards the company’s potential.
Keeping the momentum alive, GDX – VanEck Vectors Gold Miners ETF owns 68,562K shares, representing 3.91% ownership of Barrick Gold. The firm reported an encouraging 9.92% rise in share ownership since its prior filing, demonstrating a burgeoning interest in the company. GDX – VanEck Vectors Gold Miners ETF escalated its portfolio allocation by 12.29% in the last quarter, showcasing a deepening commitment to Barrick Gold’s growth story.
Contributing to the tapestry of institutional movements, Capital World Investors holds 45,479K shares, marking 2.59% ownership of Barrick Gold. In a remarkable surge, the firm reported a 14.11% increase in share ownership from the previous filing, underscoring their growing confidence in the company. Capital World Investors escalated its portfolio allocation by 29.83% over the last quarter, signaling a robust endorsement of Barrick Gold’s strategic direction.
First Eagle Investment Management comes into play with 44,681K shares, representing 2.55% ownership of Barrick Gold. The firm exhibited a steady 6.00% increase in share ownership from their last filing, emphasizing their growing interest in the company. With a 20.88% surge in portfolio allocation over the last quarter, First Eagle Investment Management demonstrates a deepening belief in the vibrant potential of Barrick Gold.
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Opinions and perspectives expressed herein reflect the author’s viewpoint and do not necessarily align with those of Nasdaq, Inc.
