State of Michigan Retirement System Boosts Stock Position in Newmont Co. (NYSE:NEM)

State of Michigan Retirement System raised its position in shares of Newmont Co. (NYSE:NEMFree Report) by 44.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 315,545 shares of the basic materials company’s stock after purchasing an additional 97,700 shares during the quarter. State of Michigan Retirement System’s holdings in Newmont were worth $13,060,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Princeton Global Asset Management LLC grew its stake in Newmont by 34.3% during the 4th quarter. Princeton Global Asset Management LLC now owns 3,922 shares of the basic materials company’s stock valued at $162,000 after purchasing an additional 1,002 shares during the last quarter. Oak Thistle LLC purchased a new stake in Newmont during the 4th quarter valued at about $849,000. apricus wealth LLC lifted its holdings in shares of Newmont by 6.6% in the 4th quarter. apricus wealth LLC now owns 38,715 shares of the basic materials company’s stock valued at $1,602,000 after buying an additional 2,410 shares during the period. JB Capital LLC lifted its holdings in shares of Newmont by 3.3% in the 4th quarter. JB Capital LLC now owns 60,496 shares of the basic materials company’s stock valued at $2,504,000 after buying an additional 1,910 shares during the period. Finally, New Mexico Educational Retirement Board lifted its holdings in shares of Newmont by 44.9% in the 4th quarter. New Mexico Educational Retirement Board now owns 59,980 shares of the basic materials company’s stock valued at $2,483,000 after buying an additional 18,600 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NEM shares. Royal Bank of Canada decreased their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Argus cut Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. StockNews.com cut Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. BMO Capital Markets reduced their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Finally, UBS Group reduced their price target on Newmont from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $52.97.

Check Out Our Latest Stock Analysis on NEM

Newmont Stock Performance

Shares of NEM stock opened at $36.79 on Wednesday. The stock’s 50-day moving average is $33.60 and its two-hundred day moving average is $36.86. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $52.76. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEMGet Free Report) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same period in the prior year, the business earned $0.44 EPS. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Newmont Co. will post 1.88 earnings per share for the current year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s dividend payout ratio is presently -42.02%.

About Newmont

(Free Report)

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.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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