Handelsbanken Fonder AB Buys 128,044 Shares of Newmont Co. (NYSE:NEM)

Handelsbanken Fonder AB boosted its holdings in shares of Newmont Co. (NYSE:NEM) by 59.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 343,599 shares of the basic materials company’s stock after purchasing an additional 128,044 shares during the period. Handelsbanken Fonder AB’s holdings in Newmont were worth $14,222,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. TFC Financial Management Inc. raised its stake in shares of Newmont by 242.2% in the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 499 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new position in Newmont in the 3rd quarter worth approximately $26,000. Life Planning Partners Inc bought a new position in Newmont in the 4th quarter worth approximately $26,000. OFI Invest Asset Management bought a new position in Newmont in the 3rd quarter worth approximately $30,000. Finally, CVA Family Office LLC acquired a new stake in Newmont during the 4th quarter worth $34,000. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup lowered their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, April 4th. Jefferies Financial Group assumed coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target for the company. Royal Bank of Canada decreased their price target on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. TD Securities decreased their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a report on Friday, February 23rd. Finally, Scotiabank decreased their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $50.89.

Newmont Stock Up 0.7 %

Shares of NEM opened at $37.71 on Wednesday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $50.18. The firm has a market cap of $43.47 billion, a P/E ratio of -15.84, a price-to-earnings-growth ratio of 1.01 and a beta of 0.50. The firm’s 50-day simple moving average is $35.01 and its 200 day simple moving average is $36.86. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25.

Newmont (NYSE:NEM) last posted its quarterly 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). The firm had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business’s revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 EPS. On average, analysts forecast that Newmont Co. will post 1.98 earnings per share for the current year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio is presently -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.