Newmont Co. (NYSE:NEM) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its position in Newmont Co. (NYSE:NEMFree Report) by 44.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 315,545 shares of the basic materials company’s stock after acquiring an additional 97,700 shares during the quarter. State of Michigan Retirement System’s holdings in Newmont were worth $13,060,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Compass Wealth Management LLC acquired a new position in Newmont in the 4th quarter worth $25,000. Life Planning Partners Inc bought a new position in shares of Newmont during the fourth quarter worth about $26,000. Quarry LP lifted its position in shares of Newmont by 1,462.5% during the first quarter. Quarry LP now owns 625 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 585 shares during the last quarter. TFC Financial Management Inc. lifted its position in shares of Newmont by 242.2% during the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 499 shares during the last quarter. Finally, Mizuho Securities Co. Ltd. bought a new position in shares of Newmont during the third quarter worth about $26,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NEM. BMO Capital Markets reduced their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Royal Bank of Canada reduced their price target on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. StockNews.com cut shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. TD Securities reduced their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $52.97.

View Our Latest Report on NEM

Newmont Stock Performance

NEM stock opened at $36.79 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $52.76. The company has a fifty day simple moving average of $33.60 and a 200 day simple moving average of $36.86.

Newmont (NYSE:NEMGet Free Report) last released its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The business had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same period in the previous year, the firm posted $0.44 EPS. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. As a group, research analysts expect that Newmont Co. will post 1.88 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.72%. Newmont’s dividend payout ratio (DPR) is presently -42.02%.

Newmont Company Profile

(Free Report)

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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