California Public Employees Retirement System Increases Stock Holdings in Newmont Co. (NYSE:NEM)

California Public Employees Retirement System lifted its stake in shares of Newmont Co. (NYSE:NEM) by 14.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,362,838 shares of the basic materials company’s stock after buying an additional 671,110 shares during the quarter. California Public Employees Retirement System’s holdings in Newmont were worth $221,968,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Newmont by 17.6% in the third quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock valued at $3,051,291,000 after acquiring an additional 12,360,775 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Newmont by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock worth $628,278,000 after buying an additional 483,377 shares during the last quarter. Northern Trust Corp increased its position in Newmont by 5.7% during the third quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock worth $381,203,000 after buying an additional 554,513 shares during the period. Invesco Ltd. lifted its stake in Newmont by 5.8% in the third quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock valued at $289,232,000 after buying an additional 428,537 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Newmont by 0.5% in the third quarter. Legal & General Group Plc now owns 6,470,393 shares of the basic materials company’s stock valued at $239,205,000 after acquiring an additional 34,651 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on NEM shares. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. TD Securities decreased their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Citigroup dropped their price target on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. BMO Capital Markets decreased their price objective on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Finally, Scotiabank lowered their price objective on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Newmont currently has an average rating of “Hold” and a consensus price target of $50.89.

Newmont Trading Up 0.3 %

Shares of NYSE NEM traded up $0.13 during midday trading on Tuesday, reaching $37.59. 3,418,504 shares of the stock were exchanged, compared to its average volume of 13,396,279. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $43.33 billion, a P/E ratio of -15.55, a P/E/G ratio of 1.05 and a beta of 0.50. The stock has a 50 day moving average price of $34.90 and a 200-day moving average price of $36.86. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $50.18.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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 business 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%. Newmont’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 EPS. Equities research analysts expect that Newmont Co. will post 1.98 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders 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 2.66%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio is currently -42.02%.

Newmont 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.