Pinebridge Investments L.P. Invests $3.16 Million in Newmont Co. (NYSE:NEM)

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

Several other large investors also recently added to or reduced their stakes in the stock. HHM Wealth Advisors LLC grew its holdings in Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company's stock worth $33,000 after acquiring an additional 350 shares in the last quarter. Redwood Park Advisors LLC bought a new stake in Newmont during the 4th quarter valued at $37,000. Promus Capital LLC purchased a new position in shares of Newmont in the 4th quarter valued at $38,000. McIlrath & Eck LLC raised its position in shares of Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company's stock worth $43,000 after acquiring an additional 361 shares in the last quarter. Finally, Kestra Investment Management LLC purchased a new stake in shares of Newmont during the 4th quarter worth $43,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Monday, February 24th. National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a research report on Wednesday. UBS Group raised Newmont from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $50.00 to $60.00 in a research report on Friday, April 11th. Raymond James boosted their price target on Newmont from $54.00 to $63.00 and gave the stock an "outperform" rating in a research note on Friday, April 4th. Finally, Royal Bank of Canada increased their price objective on shares of Newmont from $51.00 to $52.00 and gave the company a "sector perform" rating in a research report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.40.

Newmont Price Performance

Shares of NEM opened at $53.93 on Friday. The company has a market capitalization of $60.79 billion, a P/E ratio of 18.41, a P/E/G ratio of 0.41 and a beta of 0.54. The business's 50-day moving average is $47.89 and its two-hundred day moving average is $45.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont Co. has a fifty-two week low of $36.86 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. Research analysts predict 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 Friday, June 20th. Investors of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Tuesday, May 27th. Newmont's dividend payout ratio is currently 34.13%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 sale, the executive vice president now owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their position. 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 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 transaction, the director now owns 49,993 shares of the company's stock, valued at $2,144,199.77. This represents a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,154 shares of company stock valued at $825,678. Corporate insiders own 0.05% 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.

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