California Public Employees Retirement System Acquires 671,110 Shares of Newmont Co. (NYSE:NEM)

California Public Employees Retirement System lifted its holdings in Newmont Co. (NYSE:NEM) by 14.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,362,838 shares of the basic materials company’s stock after acquiring an additional 671,110 shares during the period. California Public Employees Retirement System owned 0.67% of Newmont worth $221,968,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of NEM. International Assets Investment Management LLC lifted its stake in Newmont by 40.8% in the third quarter. International Assets Investment Management LLC now owns 19,460 shares of the basic materials company’s stock worth $725,000 after purchasing an additional 5,638 shares during the last quarter. AE Wealth Management LLC grew its position in shares of Newmont by 2.5% during the 3rd quarter. AE Wealth Management LLC now owns 30,989 shares of the basic materials company’s stock worth $1,145,000 after buying an additional 767 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of Newmont by 7.2% in the third quarter. HB Wealth Management LLC now owns 10,877 shares of the basic materials company’s stock valued at $402,000 after acquiring an additional 729 shares in the last quarter. Mcrae Capital Management Inc. lifted its stake in Newmont by 9.3% in the third quarter. Mcrae Capital Management Inc. now owns 5,900 shares of the basic materials company’s stock worth $218,000 after acquiring an additional 500 shares during the period. Finally, Meridian Wealth Management LLC raised its holdings in shares of Newmont by 81.8% in the 3rd quarter. Meridian Wealth Management LLC now owns 18,084 shares of the basic materials company’s stock valued at $668,000 after purchasing an additional 8,139 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. Jefferies Financial Group initiated coverage on shares of Newmont in a report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price for the company. Scotiabank cut their price objective 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. TD Securities reduced their target price on Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $50.89.

Newmont Trading Up 0.3 %

Shares of NYSE:NEM traded up $0.13 during trading on Tuesday, hitting $37.59. 3,418,504 shares of the company’s 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 firm has a market cap of $43.33 billion, a P/E ratio of -15.55, a PEG ratio of 1.05 and a beta of 0.50. The firm has a 50-day moving average price of $34.90 and a two-hundred day moving average price of $36.86. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $50.18.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter in the previous year, the firm posted $0.44 EPS. The business’s revenue was up 23.7% on a year-over-year basis. Equities analysts predict that Newmont Co. will post 1.98 earnings per share for the current year.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid a $0.25 dividend. 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 2.66%. Newmont’s dividend payout ratio (DPR) is presently -42.02%.

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.