Cannell & Co. Trims Stock Holdings in Newmont Co. (NYSE:NEM)

Cannell & Co. reduced its position in Newmont Co. (NYSE:NEM) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,983 shares of the basic materials company’s stock after selling 1,160 shares during the quarter. Cannell & Co.’s holdings in Newmont were worth $1,696,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Mizuho Securities Co. Ltd. acquired a new position in Newmont in the 3rd quarter valued at about $26,000. Life Planning Partners Inc acquired a new position in Newmont in the 4th quarter valued at about $26,000. OFI Invest Asset Management acquired a new position in Newmont in the 3rd quarter valued at about $30,000. CVA Family Office LLC acquired a new position in Newmont in the 4th quarter valued at about $34,000. Finally, Operose Advisors LLC grew its position in Newmont by 156.8% in the 3rd quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock valued at $38,000 after acquiring an additional 635 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Price Performance

NEM stock opened at $40.58 on Thursday. The business has a 50 day moving average price of $36.00 and a 200 day moving average price of $36.99. The stock has a market cap of $46.79 billion, a price-to-earnings ratio of -15.20, a PEG ratio of 1.04 and a beta of 0.48. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $50.18. 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 data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating 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 company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was up 50.2% on a year-over-year basis. Equities research analysts anticipate that Newmont Co. will post 2.16 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio is currently -37.45%.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. Jefferies Financial Group initiated coverage on Newmont in a research report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price for the company. National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday. Citigroup lowered their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. TD Securities boosted their price objective on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, Scotiabank lowered their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a research report on Wednesday, February 28th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.75.

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.