Kovack Advisors Inc. Purchases 1,609 Shares of Newmont Co. (NYSE:NEM)

Kovack Advisors Inc. boosted its holdings in shares of Newmont Co. (NYSE:NEM) by 17.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,055 shares of the basic materials company’s stock after acquiring an additional 1,609 shares during the period. Kovack Advisors Inc.’s holdings in Newmont were worth $458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in NEM. Vanguard Group Inc. boosted its position 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 valued at $3,051,291,000 after acquiring an additional 12,360,775 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Newmont by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock valued at $628,278,000 after buying an additional 483,377 shares during the last quarter. Northern Trust Corp grew its position in shares of 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 buying an additional 554,513 shares during the last quarter. Invesco Ltd. lifted its position in Newmont by 5.8% during the third quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock valued at $289,232,000 after acquiring an additional 428,537 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Newmont by 0.5% in the third quarter. Legal & General Group Plc now owns 6,470,393 shares of the basic materials company’s stock worth $239,205,000 after purchasing an additional 34,651 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NEM shares. Argus downgraded Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. BMO Capital Markets dropped their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Royal Bank of Canada reduced their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. Finally, TD Securities increased their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Newmont Price Performance

Shares of Newmont stock opened at $42.73 on Monday. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $50.18. The firm’s 50-day moving average price is $35.54 and its 200 day moving average price is $36.93. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. Newmont’s payout ratio is -37.45%.

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.