New York Life Investment Management LLC Buys 40,935 Shares of Newmont Co. (NYSE:NEM)

New York Life Investment Management LLC boosted its stake in shares of Newmont Co. (NYSE:NEM) by 30.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 173,960 shares of the basic materials company’s stock after purchasing an additional 40,935 shares during the period. New York Life Investment Management LLC’s holdings in Newmont were worth $7,200,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mizuho Securities Co. Ltd. purchased a new stake in Newmont during the third quarter valued at approximately $26,000. Life Planning Partners Inc purchased a new stake in shares of Newmont in the fourth quarter worth $26,000. OFI Invest Asset Management purchased a new stake in shares of Newmont in the third quarter worth $30,000. CVA Family Office LLC purchased a new stake in shares of Newmont in the fourth quarter worth $34,000. Finally, Operose Advisors LLC boosted its position in shares of Newmont by 156.8% during the third quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 635 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NEM. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. StockNews.com upgraded shares of Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday. Royal Bank of Canada dropped their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. Finally, Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.35.

Newmont Trading Up 1.2 %

Newmont stock opened at $41.05 on Friday. The firm has a 50-day moving average price of $36.21 and a 200-day moving average price of $37.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $50.18.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business’s revenue was up 50.2% on a year-over-year basis. During the same quarter last year, the business earned $0.40 EPS. Research analysts expect that Newmont Co. will post 2.16 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -37.45%.

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.