Wealth Alliance Takes $262,000 Position in Newmont Co. (NYSE:NEM)

Wealth Alliance purchased a new position in shares of Newmont Co. (NYSE:NEM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,319 shares of the basic materials company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Vanguard Group Inc. increased its stake in Newmont by 17.6% during the 3rd quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock worth $3,051,291,000 after buying an additional 12,360,775 shares during the period. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth about $332,897,000. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Newmont by 103.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock worth $356,749,000 after purchasing an additional 2,281,418 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Newmont by 61.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,323,572 shares of the basic materials company’s stock worth $196,706,000 after purchasing an additional 2,019,591 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Newmont by 66.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,817,295 shares of the basic materials company’s stock worth $236,145,000 after purchasing an additional 1,919,693 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NEM. Royal Bank of Canada dropped their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. BMO Capital Markets dropped their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8th. Scotiabank decreased their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Finally, StockNews.com lowered shares of Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.97.

Newmont Stock Down 0.0 %

NEM stock opened at $38.55 on Friday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $50.18. The company has a market capitalization of $44.44 billion, a price-to-earnings ratio of -16.20, a price-to-earnings-growth ratio of 1.02 and a beta of 0.50. The firm’s 50-day moving average is $34.70 and its two-hundred day moving average is $36.81. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s quarterly revenue was up 23.7% compared to the same quarter last year. On average, analysts forecast that Newmont Co. will post 2.01 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. Newmont’s dividend payout ratio (DPR) is -42.02%.

About Newmont

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.