Confluence Investment Management LLC Takes Position in Newmont Co. (NYSE:NEM)

Confluence Investment Management LLC bought a new stake in shares of Newmont Co. (NYSE:NEM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,050 shares of the basic materials company’s stock, valued at approximately $360,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Grey Street Capital LLC boosted its position in shares of Newmont by 0.4% during the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock valued at $2,892,000 after acquiring an additional 289 shares during the last quarter. Reitz Capital Advisors LLC boosted its position in shares of Newmont by 1.1% during the 4th quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after acquiring an additional 298 shares during the last quarter. Berkeley Capital Partners LLC boosted its position in shares of Newmont by 5.6% during the 4th quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after acquiring an additional 318 shares during the last quarter. Jacobsen Capital Management boosted its position in shares of Newmont by 3.2% during the 4th quarter. Jacobsen Capital Management now owns 11,841 shares of the basic materials company’s stock valued at $490,000 after acquiring an additional 368 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its position in shares of Newmont by 5.1% during the 4th quarter. J.W. Cole Advisors Inc. now owns 7,788 shares of the basic materials company’s stock valued at $322,000 after acquiring an additional 378 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Price Performance

Shares of NEM stock opened at $41.79 on Wednesday. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $45.92. The stock’s 50-day moving average is $41.13 and its 200 day moving average is $37.95. The company has a market cap of $48.19 billion, a P/E ratio of -15.65, a PEG ratio of 0.35 and a beta of 0.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. Research analysts predict that Newmont Co. will post 2.42 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.39%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -37.45%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. TD Securities increased their price target on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th. Citigroup decreased their price target on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. National Bank Financial lowered Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Scotiabank increased their price target on Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. Finally, StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.07.

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.