Clearbridge Investments LLC Grows Holdings in Newmont Co. (NYSE:NEM)

Clearbridge Investments LLC raised its position in Newmont Co. (NYSE:NEM) by 12.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 31,919 shares of the basic materials company’s stock after buying an additional 3,575 shares during the period. Clearbridge Investments LLC’s holdings in Newmont were worth $1,321,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Life Planning Partners Inc acquired a new position in shares of Newmont during the 4th quarter valued at about $26,000. Manchester Capital Management LLC increased its stake in shares of Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 397 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of Newmont during the 4th quarter valued at about $34,000. Operose Advisors LLC increased its stake in shares of Newmont by 156.8% during 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 during the last quarter. Finally, Advantage Trust Co acquired a new position in shares of Newmont during the 4th quarter valued at about $41,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on NEM. Citigroup dropped their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Jefferies Financial Group began coverage on shares of Newmont in a research note on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective for the company. Scotiabank upped their price objective on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research note on Thursday. Sanford C. Bernstein dropped their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Finally, BMO Capital Markets dropped their target price on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Tuesday, May 21st. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Newmont has a consensus rating of “Hold” and a consensus target price of $48.36.

Newmont Stock Performance

Shares of NYSE:NEM opened at $41.98 on Monday. 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 Co. has a 52-week low of $29.42 and a 52-week high of $45.92. The company has a 50 day moving average of $39.31 and a two-hundred day moving average of $37.47.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter last year, the company earned $0.40 earnings per share. Newmont’s revenue for the quarter was up 50.2% on a year-over-year basis. Sell-side analysts predict that Newmont Co. will post 2.37 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

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.