New York State Common Retirement Fund Has $62.54 Million Stock Position in Newmont Co. (NYSE:NEM)

New York State Common Retirement Fund grew its holdings in Newmont Co. (NYSE:NEM) by 29.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,511,074 shares of the basic materials company’s stock after purchasing an additional 342,640 shares during the period. New York State Common Retirement Fund owned about 0.19% of Newmont worth $62,543,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in NEM. Vanguard Group Inc. lifted 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 worth $3,051,291,000 after buying an additional 12,360,775 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Newmont by 61.1% during the third quarter. Ameriprise Financial Inc. now owns 5,323,572 shares of the basic materials company’s stock worth $196,706,000 after acquiring an additional 2,019,591 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Newmont by 36.1% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,272,175 shares of the basic materials company’s stock valued at $135,435,000 after purchasing an additional 868,804 shares during the last quarter. California Public Employees Retirement System grew its stake in Newmont by 14.3% in the fourth quarter. California Public Employees Retirement System now owns 5,362,838 shares of the basic materials company’s stock valued at $221,968,000 after purchasing an additional 671,110 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Newmont by 3,044.9% during the 4th quarter. International Assets Investment Management LLC now owns 612,003 shares of the basic materials company’s stock worth $25,331,000 after purchasing an additional 592,543 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE:NEM opened at $37.71 on Wednesday. The company has a market capitalization of $43.47 billion, a PE ratio of -15.84, a P/E/G ratio of 1.01 and a beta of 0.50. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $50.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The company has a 50 day simple moving average of $35.01 and a two-hundred day simple moving average of $36.86.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. Newmont’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.44 EPS. Research analysts anticipate that Newmont Co. will post 1.98 earnings per share for the current year.

Newmont Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.65%. Newmont’s payout ratio is presently -42.02%.

Wall Street Analysts Forecast Growth

NEM has been the subject of several recent analyst reports. Citigroup cut their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, April 4th. TD Securities lowered their price objective 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. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Jefferies Financial Group assumed coverage on Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 price target on the stock. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Newmont has an average rating of “Hold” and an average target price of $50.89.

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.