Pekin Hardy Strauss Inc. Has $2.24 Million Stake in Newmont Co. (NYSE:NEM)

Pekin Hardy Strauss Inc. grew its holdings in shares of Newmont Co. (NYSE:NEM) by 13.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,057 shares of the basic materials company’s stock after purchasing an additional 6,384 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Newmont were worth $2,237,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC boosted its holdings in shares of Newmont by 38.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 21,587 shares of the basic materials company’s stock valued at $893,000 after acquiring an additional 5,946 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after acquiring an additional 18,664,614 shares in the last quarter. Cadence Wealth Management LLC lifted its stake in shares of Newmont by 18.6% in the fourth quarter. Cadence Wealth Management LLC now owns 15,663 shares of the basic materials company’s stock valued at $648,000 after buying an additional 2,459 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Newmont by 41.4% during the 4th quarter. Retirement Systems of Alabama now owns 253,999 shares of the basic materials company’s stock worth $10,513,000 after purchasing an additional 74,304 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Newmont by 11.7% in the 4th quarter. Russell Investments Group Ltd. now owns 1,959,496 shares of the basic materials company’s stock valued at $81,288,000 after buying an additional 204,485 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NEM. Royal Bank of Canada decreased their target price on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. TD Securities raised their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research note on Friday. Jefferies Financial Group began coverage on Newmont in a research note on Thursday, February 29th. They issued a “buy” rating and a $38.00 price objective on the stock. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Scotiabank lowered their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Newmont Price Performance

Shares of NYSE:NEM traded down $1.62 during trading on Tuesday, reaching $40.64. The company had a trading volume of 13,337,335 shares, compared to its average volume of 13,786,346. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $50.18. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $46.85 billion, a P/E ratio of -15.33, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50. The company has a fifty day moving average of $35.71 and a two-hundred day moving average of $36.95.

Newmont (NYSE:NEM) last released its quarterly earnings results 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. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The company’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. Equities research analysts forecast that Newmont Co. will post 2.16 earnings per share for the current year.

Newmont Announces Dividend

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 paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

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.