New York State Common Retirement Fund Acquires 342,640 Shares of Newmont Co. (NYSE:NEM)

New York State Common Retirement Fund grew its holdings in Newmont Co. (NYSE:NEM - Free Report) by 29.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,511,074 shares of the basic materials company's stock after buying an additional 342,640 shares during the quarter. New York State Common Retirement Fund owned 0.19% of Newmont worth $62,543,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. AE Wealth Management LLC increased 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 purchasing an additional 767 shares in the last quarter. HB Wealth Management LLC increased its position in shares of Newmont by 7.2% during the 3rd quarter. HB Wealth Management LLC now owns 10,877 shares of the basic materials company's stock worth $402,000 after purchasing an additional 729 shares in the last quarter. Meridian Wealth Management LLC increased its position in shares of Newmont by 81.8% during the 3rd quarter. Meridian Wealth Management LLC now owns 18,084 shares of the basic materials company's stock worth $668,000 after purchasing an additional 8,139 shares in the last quarter. LGT Capital Partners LTD. increased its position in shares of Newmont by 2.2% during the 3rd quarter. LGT Capital Partners LTD. now owns 816,500 shares of the basic materials company's stock worth $30,170,000 after purchasing an additional 17,710 shares in the last quarter. Finally, Marion Wealth Management increased its position in shares of Newmont by 10.6% during the 3rd quarter. Marion Wealth Management now owns 17,449 shares of the basic materials company's stock worth $645,000 after purchasing an additional 1,666 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NEM. StockNews.com lowered shares of Newmont from a "hold" rating to a "sell" rating in a report on Monday, February 26th. Royal Bank of Canada reduced their target price on shares of Newmont from $45.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 8th. Scotiabank reduced their target price on shares of Newmont from $50.00 to $43.50 and set a "sector perform" rating on the stock in a research note on Wednesday, February 28th. Argus lowered shares of Newmont from a "buy" rating to a "hold" rating in a research note on Monday, February 26th. Finally, TD Securities reduced their price objective on shares of Newmont from $40.00 to $36.00 and set a "hold" rating on the stock in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $50.89.

Newmont Stock Up 2.4 %

NEM stock traded up $0.89 during mid-day trading on Wednesday, hitting $38.60. 11,347,669 shares of the company were exchanged, compared to its average volume of 13,500,411. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The firm has a market cap of $44.50 billion, a P/E ratio of -16.10, a P/E/G ratio of 1.01 and a beta of 0.50. The firm's 50 day simple moving average is $35.01 and its 200 day simple moving average is $36.86. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $50.18.

Newmont (NYSE:NEM - Get Free Report) last announced 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). The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business's quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. On average, sell-side analysts predict that Newmont Co. will post 1.98 EPS for the current fiscal year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were issued a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. Newmont's dividend payout ratio (DPR) is presently -42.02%.

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.