Wolverine Asset Management LLC Invests $786,000 in Newmont Co. (NYSE:NEM)

Wolverine Asset Management LLC acquired a new stake in shares of Newmont Co. (NYSE:NEM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,000 shares of the basic materials company’s stock, valued at approximately $786,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Newmont by 17.6% during 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 buying an additional 12,360,775 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Newmont by 61.1% during the third quarter. Ameriprise Financial Inc. now owns 5,323,572 shares of the basic materials company’s stock valued at $196,706,000 after purchasing an additional 2,019,591 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Newmont by 36.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,272,175 shares of the basic materials company’s stock worth $135,435,000 after purchasing an additional 868,804 shares during the last quarter. California Public Employees Retirement System increased its stake in Newmont by 14.3% in the 4th quarter. California Public Employees Retirement System now owns 5,362,838 shares of the basic materials company’s stock worth $221,968,000 after buying an additional 671,110 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Newmont by 3,044.9% during the 4th quarter. International Assets Investment Management LLC now owns 612,003 shares of the basic materials company’s stock valued at $25,331,000 after buying an additional 592,543 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

NYSE:NEM opened at $43.41 on Friday. The company has a market cap of $50.04 billion, a P/E ratio of -18.24, a P/E/G ratio of 1.07 and a beta of 0.50. The company’s 50-day moving average price is $35.35 and its 200-day moving average price is $36.92. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $50.18. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. The company’s quarterly revenue was up 50.2% compared to the same quarter last year. On average, sell-side analysts forecast that Newmont Co. will post 1.99 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -42.02%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on NEM shares. Argus lowered Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Jefferies Financial Group began coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. Scotiabank reduced their price target 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. Finally, 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $50.89.

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.