Mackenzie Financial Corp Grows Stock Holdings in Newmont Co. (NYSE:NEM)

Mackenzie Financial Corp grew its holdings in Newmont Co. (NYSE:NEM) by 32.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,312,494 shares of the basic materials company’s stock after purchasing an additional 324,382 shares during the quarter. Mackenzie Financial Corp owned about 0.17% of Newmont worth $54,324,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of 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 buying an additional 12,360,775 shares during the period. Norges Bank purchased a new stake in shares of Newmont during the 4th quarter valued at approximately $332,897,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Newmont by 103.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock valued at $356,749,000 after buying an additional 2,281,418 shares during the period. Ameriprise Financial Inc. raised its position in shares of Newmont by 61.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,323,572 shares of the basic materials company’s stock valued at $196,706,000 after buying an additional 2,019,591 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Newmont by 66.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,817,295 shares of the basic materials company’s stock valued at $236,145,000 after buying an additional 1,919,693 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE:NEM opened at $38.12 on Wednesday. The company has a 50-day simple moving average of $34.49 and a 200-day simple moving average of $36.78. Newmont Co. has a one year low of $29.42 and a one year high of $50.18. 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:NEM) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The business had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same period in the previous year, the company posted $0.44 earnings per share. Newmont’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, equities research analysts forecast that Newmont Co. will post 2.02 EPS for the current year.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid 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 2.62%. Newmont’s dividend payout ratio (DPR) is -42.02%.

Analysts Set New Price Targets

Several analysts recently weighed in on NEM shares. Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Scotiabank dropped their target price 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. Citigroup dropped 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. BMO Capital Markets dropped their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Finally, Jefferies Financial Group started coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned 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 $51.97.

Newmont Company Profile

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.