New York Life Investment Management LLC Cuts Stake in Newmont Co. (NYSE:NEM)

New York Life Investment Management LLC lessened its holdings in shares of Newmont Co. (NYSE:NEM) by 1.5% in the 4th quarter, Holdings Channel reports. The fund owned 169,865 shares of the basic materials company’s stock after selling 2,634 shares during the quarter. New York Life Investment Management LLC’s holdings in Newmont were worth $6,322,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Carmel Capital Partners LLC increased its position in shares of Newmont by 4.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 226 shares during the last quarter. Studio Investment Management LLC increased its position in shares of Newmont by 29.4% in 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 increased its position 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 valued at $439,000 after purchasing an additional 281 shares during the last quarter. Howard Capital Management Inc. increased its position in shares of Newmont by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 292 shares during the last quarter. Finally, Fiduciary Financial Group LLC increased its position in shares of Newmont by 3.6% in the 4th quarter. Fiduciary Financial Group LLC now owns 8,654 shares of the basic materials company’s stock valued at $338,000 after purchasing an additional 303 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 1.7 %

Shares of Newmont stock opened at $42.83 on Friday. Newmont Co. has a 1 year low of $30.93 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company has a market capitalization of $48.26 billion, a P/E ratio of 14.62, a PEG ratio of 0.41 and a beta of 0.52. The company’s fifty day moving average is $42.01 and its two-hundred day moving average is $46.30.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS 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 company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Analysts forecast that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Tuesday, March 4th. Newmont’s dividend payout ratio (DPR) is presently 34.13%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $89,082.53. Following the completion of the sale, the director now owns 49,993 shares in the company, valued at approximately $2,144,199.77. This trade represents a 3.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the executive vice president now owns 82,596 shares of the company’s stock, valued at $3,303,840. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,154 shares of company stock worth $1,166,843. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on NEM. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. TD Securities dropped their target price on shares of Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday. Scotiabank dropped 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 report on Tuesday, January 21st. The Goldman Sachs Group began coverage on shares of Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 target price on the stock. Finally, StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $53.16.

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.