Mackenzie Financial Corp Decreases Stock Position in Newmont Co. (NYSE:NEM)

Mackenzie Financial Corp decreased its stake in shares of Newmont Co. (NYSE:NEM - Free Report) by 74.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,260 shares of the basic materials company's stock after selling 280,615 shares during the quarter. Mackenzie Financial Corp's holdings in Newmont were worth $3,617,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. HHM Wealth Advisors LLC raised its holdings in Newmont by 66.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company's stock worth $33,000 after acquiring an additional 350 shares during the last quarter. Redwood Park Advisors LLC purchased a new position in shares of Newmont in the fourth quarter worth $37,000. Promus Capital LLC bought a new position in shares of Newmont during the fourth quarter valued at $38,000. Kestra Investment Management LLC purchased a new stake in shares of Newmont during the fourth quarter valued at $43,000. Finally, Assetmark Inc. boosted its position in shares of Newmont by 185.9% during the fourth quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company's stock valued at $47,000 after buying an additional 820 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. UBS Group upgraded shares of Newmont from a "neutral" rating to a "buy" rating and upped their target price for the company from $50.00 to $60.00 in a research note on Friday, April 11th. Raymond James restated an "outperform" rating and set a $66.00 price objective on shares of Newmont in a research report on Friday, April 25th. Royal Bank of Canada lifted their target price on shares of Newmont from $51.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Friday, April 4th. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. Finally, National Bank Financial upgraded Newmont to a "hold" rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.52.

Newmont Stock Performance

NYSE NEM traded down $0.17 on Tuesday, reaching $55.41. 10,253,756 shares of the stock were exchanged, compared to its average volume of 10,192,902. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a one year low of $36.86 and a one year high of $58.72. The firm has a market capitalization of $61.67 billion, a PE ratio of 18.91, a PEG ratio of 0.41 and a beta of 0.31. The company's 50-day simple moving average is $51.81 and its two-hundred day simple moving average is $45.76.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the firm earned $0.55 EPS. Analysts expect that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.80%. Newmont's dividend payout ratio is presently 22.42%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the sale, the director now owns 47,257 shares of the company's stock, valued at approximately $2,432,790.36. This trade represents a 4.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.05% of the company's stock.

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.