Clearbridge Investments LLC Boosts Stock Position in Newmont Co. (NYSE:NEM)

Clearbridge Investments LLC increased its holdings in shares of Newmont Co. (NYSE:NEM) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,494 shares of the basic materials company’s stock after buying an additional 1,575 shares during the period. Clearbridge Investments LLC’s holdings in Newmont were worth $1,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after purchasing an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after acquiring an additional 18,664,614 shares during the last quarter. Norges Bank purchased a new position in shares of Newmont in the fourth quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after acquiring an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is currently owned by company insiders.

Newmont Trading Down 4.0 %

Shares of Newmont stock traded down $1.91 on Thursday, reaching $45.79. The company had a trading volume of 2,365,647 shares, compared to its average volume of 11,269,212. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The firm has a market cap of $52.80 billion, a PE ratio of -17.88, a PEG ratio of 0.37 and a beta of 0.47. The firm’s 50 day moving average price is $43.28 and its two-hundred day moving average price is $38.68. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $48.97.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.19. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. Sell-side analysts predict that Newmont Co. will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

NEM has been the topic of several recent research reports. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Sanford C. Bernstein cut their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. Finally, Scotiabank boosted their price objective on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average target price of $49.69.

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.