Rakuten Securities Inc. Acquires New Position in Newmont Co. (NYSE:NEM)

Rakuten Securities Inc. purchased a new stake in Newmont Co. (NYSE:NEM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,873 shares of the basic materials company’s stock, valued at approximately $740,000.

Several other hedge funds have also made changes to their positions in NEM. Blair William & Co. IL lifted its position in shares of Newmont by 14.8% in the 1st quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock valued at $3,378,000 after acquiring an additional 5,484 shares in the last quarter. Sei Investments Co. lifted its position in shares of Newmont by 19.3% in the 1st quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock valued at $5,219,000 after acquiring an additional 10,692 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Newmont by 46.9% in the 1st quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock valued at $2,217,000 after acquiring an additional 8,915 shares in the last quarter. Baird Financial Group Inc. lifted its position in Newmont by 7.2% in the 1st quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after buying an additional 39,765 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Newmont by 25.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after buying an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NEM shares. BMO Capital Markets cut their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Jefferies Financial Group started coverage on shares of Newmont in a research report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price for the company. TD Securities cut their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research report on Friday, February 23rd. Finally, Citigroup cut their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $51.97.

Newmont Stock Performance

Newmont stock traded down $0.33 during mid-day trading on Wednesday, reaching $38.11. The company had a trading volume of 11,832,717 shares, compared to its average volume of 13,202,025. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $50.18. The company has a 50 day moving average of $34.49 and a 200-day moving average of $36.78. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of -16.01, a PEG ratio of 1.03 and a beta of 0.50.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. Newmont’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period last year, the company earned $0.44 earnings per share. On average, sell-side analysts expect that Newmont Co. will post 2.02 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s dividend payout ratio is currently -42.02%.

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.