California State Teachers Retirement System decreased its stake in shares of Newmont Co. (NYSE:NEM – Get Rating) by 1.4% during the third quarter, HoldingsChannel.com reports. The firm owned 1,379,683 shares of the basic materials company’s stock after selling 18,933 shares during the period. California State Teachers Retirement System’s holdings in Newmont were worth $57,988,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in NEM. Hoey Investments Inc. bought a new position in shares of Newmont in the second quarter valued at approximately $30,000. Cowa LLC purchased a new position in shares of Newmont during the 3rd quarter valued at $32,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Newmont in the third quarter worth $34,000. Avion Wealth raised its position in shares of Newmont by 4,664.7% in the third quarter. Avion Wealth now owns 810 shares of the basic materials company’s stock worth $34,000 after buying an additional 793 shares in the last quarter. Finally, Laffer Tengler Investments bought a new stake in Newmont during the first quarter valued at $74,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the company. TD Securities raised Newmont from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, February 24th. Raymond James dropped their target price on shares of Newmont from $61.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and increased their price target for the stock from $53.00 to $55.00 in a report on Monday. Barclays lifted their price objective on shares of Newmont from $54.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Finally, Fundamental Research set a $51.92 target price on Newmont and gave the company a “buy” rating in a research note on Tuesday, March 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.21.
Insiders Place Their Bets
Newmont Stock Down 0.7 %
Shares of Newmont stock opened at $45.78 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.89 and a current ratio of 2.23. Newmont Co. has a 52-week low of $37.45 and a 52-week high of $86.37. The company’s 50 day moving average price is $48.48 and its 200-day moving average price is $45.74. The stock has a market capitalization of $36.37 billion, a price-to-earnings ratio of -84.78, a P/E/G ratio of 1.69 and a beta of 0.31.
Newmont (NYSE:NEM – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.10 billion. Newmont had a positive return on equity of 6.98% and a negative net margin of 3.60%. Newmont’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. Equities research analysts forecast that Newmont Co. will post 2.24 EPS for the current year.
Newmont Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Thursday, March 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 8th. This represents a $1.60 dividend on an annualized basis and a yield of 3.49%. Newmont’s dividend payout ratio is presently -296.29%.
Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.
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