Gabelli Funds LLC lessened its holdings in shares of Newmont Mining Co. (NYSE:NEM) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,530,253 shares of the basic materials company’s stock after selling 46,050 shares during the quarter. Newmont Mining accounts for 0.6% of Gabelli Funds LLC’s portfolio, making the stock its 26th largest position. Gabelli Funds LLC owned 0.47% of Newmont Mining worth $98,857,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of NEM. First Eagle Investment Management LLC grew its stake in Newmont Mining by 115.5% during the 1st quarter. First Eagle Investment Management LLC now owns 9,584,767 shares of the basic materials company’s stock valued at $374,477,000 after purchasing an additional 5,137,612 shares in the last quarter. BlackRock Inc. grew its stake in Newmont Mining by 6.1% during the 4th quarter. BlackRock Inc. now owns 77,637,045 shares of the basic materials company’s stock valued at $2,912,946,000 after purchasing an additional 4,440,876 shares in the last quarter. Flossbach Von Storch AG grew its stake in Newmont Mining by 16.8% during the 1st quarter. Flossbach Von Storch AG now owns 9,930,898 shares of the basic materials company’s stock valued at $388,000,000 after purchasing an additional 1,430,627 shares in the last quarter. Alliancebernstein L.P. grew its stake in Newmont Mining by 120.9% during the 4th quarter. Alliancebernstein L.P. now owns 2,386,160 shares of the basic materials company’s stock valued at $89,529,000 after purchasing an additional 1,306,175 shares in the last quarter. Finally, Global Thematic Partners LLC grew its stake in Newmont Mining by 44.2% during the 4th quarter. Global Thematic Partners LLC now owns 4,103,076 shares of the basic materials company’s stock valued at $153,947,000 after purchasing an additional 1,258,566 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.
A number of brokerages have weighed in on NEM. TheStreet lowered Newmont Mining from a “b-” rating to a “c+” rating in a research note on Monday, March 12th. Zacks Investment Research lowered Newmont Mining from a “buy” rating to a “hold” rating in a research note on Monday, February 12th. Royal Bank of Canada lowered Newmont Mining from a “sector perform” rating to an “underperform” rating and raised their price objective for the company from $37.71 to $43.00 in a research note on Monday, March 12th. They noted that the move was a valuation call. ValuEngine upgraded Newmont Mining from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Bank of America lifted their target price on Newmont Mining from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $42.93.
In related news, insider Gary J. Goldberg sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $38.06, for a total value of $38,060.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Elaine J. Dorward-King sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $39.33, for a total value of $117,990.00. The disclosure for this sale can be found here. In the last three months, insiders sold 20,500 shares of company stock worth $794,165. Company insiders own 0.36% of the company’s stock.
Shares of Newmont Mining opened at $39.37 on Tuesday, according to Marketbeat. The company has a market capitalization of $20.89 billion, a PE ratio of 26.97 and a beta of 0.29. The company has a quick ratio of 3.62, a current ratio of 4.18 and a debt-to-equity ratio of 0.35. Newmont Mining Co. has a 52 week low of $31.42 and a 52 week high of $42.04.
Newmont Mining (NYSE:NEM) last issued its earnings results on Thursday, April 26th. The basic materials company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Newmont Mining had a return on equity of 7.01% and a net margin of 0.64%. The business’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 EPS. equities analysts expect that Newmont Mining Co. will post 1.5 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 21st. Investors of record on Thursday, June 7th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Wednesday, June 6th. Newmont Mining’s dividend payout ratio (DPR) is 38.36%.
Newmont Mining Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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