Allworth Financial LP Acquires 415 Shares of Newmont Co. (NYSE:NEM)

Allworth Financial LP lifted its holdings in shares of Newmont Co. (NYSE:NEM) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,183 shares of the basic materials company’s stock after acquiring an additional 415 shares during the period. Allworth Financial LP’s holdings in Newmont were worth $339,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Newmont by 17.6% in 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 purchasing an additional 12,360,775 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Newmont by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock worth $628,278,000 after purchasing an additional 483,377 shares in the last quarter. Northern Trust Corp grew its position in Newmont by 5.7% in the 3rd quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock worth $381,203,000 after purchasing an additional 554,513 shares in the last quarter. Morgan Stanley grew its position in Newmont by 1.0% in the 4th quarter. Morgan Stanley now owns 9,135,415 shares of the basic materials company’s stock worth $431,192,000 after purchasing an additional 94,108 shares in the last quarter. Finally, Invesco Ltd. grew its position in Newmont by 5.8% in the 3rd quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock worth $289,232,000 after purchasing an additional 428,537 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NEM. Royal Bank of Canada reduced their price objective 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. TD Securities dropped their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research note on Friday, February 23rd. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. UBS Group dropped their target price on shares of Newmont from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 13th. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Hold” and a consensus price target of $51.97.

Newmont Stock Performance

NYSE NEM opened at $39.06 on Thursday. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $51.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. The stock has a market capitalization of $45.03 billion, a PE ratio of -16.41, a P/E/G ratio of 3.37 and a beta of 0.50. The company’s 50 day simple moving average is $34.15 and its two-hundred day simple moving average is $36.78.

Newmont (NYSE:NEM) last posted its earnings results 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 positive return on equity of 6.21% and a negative net margin of 20.95%. The firm had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the prior year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up 23.7% compared to the same quarter last year. Analysts predict that Newmont Co. will post 1.88 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. Stockholders of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s payout ratio 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.