Pinebridge Investments L.P. Buys New Position in Newmont Co. (NYSE:NEM)

Pinebridge Investments L.P. bought a new position in shares of Newmont Co. (NYSE:NEM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 85,020 shares of the basic materials company's stock, valued at approximately $3,164,000.

Other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Newmont by 12.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,886,961 shares of the basic materials company's stock valued at $219,113,000 after purchasing an additional 635,554 shares during the period. Turim 21 Investimentos Ltda. bought a new position in Newmont in the fourth quarter worth approximately $319,000. IHT Wealth Management LLC grew its stake in Newmont by 88.6% in the fourth quarter. IHT Wealth Management LLC now owns 32,859 shares of the basic materials company's stock valued at $1,223,000 after acquiring an additional 15,439 shares during the period. J. Safra Sarasin Holding AG increased its holdings in shares of Newmont by 207.2% during the fourth quarter. J. Safra Sarasin Holding AG now owns 90,891 shares of the basic materials company's stock valued at $3,383,000 after acquiring an additional 61,307 shares in the last quarter. Finally, Stifel Financial Corp raised its position in shares of Newmont by 27.4% during the fourth quarter. Stifel Financial Corp now owns 696,719 shares of the basic materials company's stock worth $25,932,000 after purchasing an additional 149,968 shares during the period. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on NEM. National Bank Financial upgraded shares of Newmont to a "hold" rating in a research note on Friday, March 21st. Scotiabank restated a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a research report on Wednesday, April 23rd. TD Securities decreased their price objective on Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a report on Wednesday, February 26th. Finally, UBS Group upgraded Newmont from a "neutral" rating to a "buy" rating and raised their target price for the company from $50.00 to $60.00 in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and an average price target of $55.63.

Newmont Stock Performance

Shares of NYSE:NEM traded down $0.21 during mid-day trading on Wednesday, reaching $52.75. The company had a trading volume of 3,079,210 shares, compared to its average volume of 11,840,178. Newmont Co. has a one year low of $36.86 and a one year high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $48.12 and its 200-day moving average price is $45.12. The firm has a market cap of $59.46 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM - Get Free Report) last released 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 business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm earned $0.55 earnings per share. As a group, equities research analysts anticipate that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced 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 1.90%. Newmont's payout ratio is 22.42%.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the transaction, the executive vice president now directly owns 86,526 shares in the company, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $89,082.53. Following the sale, the director now directly owns 49,993 shares in the company, valued at $2,144,199.77. This trade represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,154 shares of company stock worth $825,678 over the last 90 days. Corporate 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.