Flputnam Investment Management Co. Reduces Stock Position in Newmont Co. (NYSE:NEM)

Flputnam Investment Management Co. cut its stake in shares of Newmont Co. (NYSE:NEM) by 28.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,705 shares of the basic materials company’s stock after selling 6,592 shares during the period. Flputnam Investment Management Co.’s holdings in Newmont were worth $622,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEM. Carmel Capital Partners LLC lifted its holdings in Newmont by 4.5% in the third quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 226 shares during the period. Studio Investment Management LLC increased its position in shares of Newmont by 29.4% during the 3rd quarter. Studio Investment Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 261 shares during the last quarter. Confluence Investment Management LLC lifted its stake in shares of Newmont by 2.4% in the 4th quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock worth $439,000 after purchasing an additional 281 shares during the period. Howard Capital Management Inc. boosted its holdings in shares of Newmont by 5.4% in the fourth quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company’s stock worth $210,000 after buying an additional 292 shares during the last quarter. Finally, Fiduciary Financial Group LLC grew its position in Newmont by 3.6% during the fourth quarter. Fiduciary Financial Group LLC now owns 8,654 shares of the basic materials company’s stock valued at $338,000 after buying an additional 303 shares during the period. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NEM. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Bernstein Bank lifted their target price on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Royal Bank of Canada upped their price target on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 11th. StockNews.com raised Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Finally, Raymond James reduced their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.16.

Newmont Stock Down 1.3 %

NEM opened at $42.30 on Tuesday. Newmont Co. has a 52 week low of $31.67 and a 52 week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a 50-day simple moving average of $42.09 and a two-hundred day simple moving average of $46.21. The company has a market capitalization of $47.67 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 0.41 and a beta of 0.52.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. Analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Tuesday, March 4th. Newmont’s dividend payout ratio (DPR) is presently 34.13%.

Insider Buying and Selling

In related news, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $360,000.00. Following the completion of the transaction, the chief operating officer now owns 145,967 shares in the company, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,154 shares of company stock worth $1,166,843. Insiders own 0.06% of the company’s stock.

Newmont Company 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.