Perritt Capital Management Inc Trims Stake in Newmont Co. (NYSE:NEM)

Perritt Capital Management Inc lessened its holdings in Newmont Co. (NYSE:NEM) by 9.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 12,671 shares of the basic materials company’s stock after selling 1,285 shares during the period. Perritt Capital Management Inc’s holdings in Newmont were worth $472,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEM. Van ECK Associates Corp boosted its stake in Newmont by 1.6% during the fourth quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after buying an additional 797,445 shares during the period. Geode Capital Management LLC boosted its position in shares of Newmont by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock worth $919,484,000 after purchasing an additional 1,213,397 shares during the period. Norges Bank acquired a new stake in Newmont in the 4th quarter valued at approximately $626,074,000. Amundi raised its position in Newmont by 14.0% in the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock valued at $481,400,000 after purchasing an additional 1,507,708 shares during the period. Finally, Ruffer LLP lifted its stake in Newmont by 19.7% during the fourth quarter. Ruffer LLP now owns 7,085,101 shares of the basic materials company’s stock worth $263,706,000 after purchasing an additional 1,164,870 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, COO Natascha Viljoen sold 9,000 shares of the firm’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 transaction of $360,000.00. Following the transaction, the chief operating officer now owns 145,967 shares in the company, valued at $5,838,680. This trade represents a 5.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of Newmont 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 transaction, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,231 shares of company stock valued at $1,388,758. 0.05% of the stock is currently owned by insiders.

Newmont Price Performance

NEM stock opened at $48.29 on Wednesday. The business has a 50 day moving average price of $45.03 and a 200 day moving average price of $45.35. 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 stock has a market cap of $54.44 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 0.41 and a beta of 0.54. Newmont Co. has a fifty-two week low of $36.44 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.32 billion. Equities research analysts anticipate that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were paid a $0.25 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.07%. Newmont’s dividend payout ratio is presently 34.13%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. TD Securities cut their price objective on Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, February 26th. StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Royal Bank of Canada raised their price objective on shares of Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 11th. Scotiabank cut their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group started coverage on shares of Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 price target for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus target price of $53.16.

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.