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

Confluence Investment Management LLC grew its holdings in Newmont Co. (NYSE:NEM) by 2.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,788 shares of the basic materials company’s stock after purchasing an additional 281 shares during the quarter. Confluence Investment Management LLC’s holdings in Newmont were worth $439,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NEM. Commonwealth Equity Services LLC boosted its stake in Newmont by 5.4% during the second quarter. Commonwealth Equity Services LLC now owns 291,119 shares of the basic materials company’s stock worth $12,189,000 after buying an additional 14,912 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Newmont by 80.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 8,007 shares of the basic materials company’s stock valued at $333,000 after acquiring an additional 3,575 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of Newmont by 70.3% in the second quarter. Natixis Advisors LLC now owns 120,787 shares of the basic materials company’s stock valued at $5,057,000 after purchasing an additional 49,859 shares during the period. Oregon Public Employees Retirement Fund increased its position in Newmont by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 99,068 shares of the basic materials company’s stock worth $4,148,000 after purchasing an additional 543 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Newmont by 1.5% during the second quarter. TD Asset Management Inc now owns 1,269,573 shares of the basic materials company’s stock worth $53,139,000 after purchasing an additional 18,509 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Harry M. Iv Conger acquired 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The shares were acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. This trade represents a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.

Newmont Trading Up 3.1 %

Shares of NEM stock opened at $38.37 on Friday. The stock has a market capitalization of $43.68 billion, a P/E ratio of -25.24, a price-to-earnings-growth ratio of 0.35 and a beta of 0.49. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week 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 50 day moving average price of $41.76 and a 200 day moving average price of $47.01.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Equities research analysts predict that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Analysts Set New Price Targets

NEM has been the subject of several analyst reports. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $55.00 in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.