Retirement Systems of Alabama Raises Holdings in Newmont Co. (NYSE:NEM)

Retirement Systems of Alabama grew its position in shares of Newmont Co. (NYSE:NEM) by 41.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 253,999 shares of the basic materials company’s stock after purchasing an additional 74,304 shares during the quarter. Retirement Systems of Alabama’s holdings in Newmont were worth $10,513,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Mizuho Securities Co. Ltd. purchased a new position in shares of Newmont during the third quarter worth about $26,000. Life Planning Partners Inc purchased a new position in shares of Newmont during the fourth quarter worth about $26,000. OFI Invest Asset Management purchased a new position in shares of Newmont during the third quarter worth about $30,000. CVA Family Office LLC purchased a new position in shares of Newmont during the fourth quarter worth about $34,000. Finally, Operose Advisors LLC grew its holdings in shares of Newmont by 156.8% during the third quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock worth $38,000 after buying an additional 635 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NEM stock opened at $41.05 on Friday. The firm has a 50 day moving average of $36.21 and a 200-day moving average of $37.01. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $50.18. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same period last year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 50.2% on a year-over-year basis. As a group, research analysts expect that Newmont Co. will post 2.16 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. Newmont’s dividend payout ratio is currently -37.45%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NEM shares. Citigroup lowered their price target on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. BMO Capital Markets lowered their price target on Newmont from $56.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday. TD Securities raised their price target on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday, April 26th. Royal Bank of Canada lowered their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. Finally, Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $48.35.

Newmont Company Profile

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.