Viking Fund Management LLC Makes New Investment in Newmont Co. (NYSE:NEM)

Viking Fund Management LLC acquired a new position in Newmont Co. (NYSE:NEM) during the first quarter, Holdings Channel.com reports. The firm acquired 30,000 shares of the basic materials company’s stock, valued at approximately $1,075,000.

Other institutional investors have also recently made changes to their positions in the company. Life Planning Partners Inc purchased a new position in shares of Newmont during the 4th quarter valued at approximately $26,000. Manchester Capital Management LLC increased its holdings in shares of Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after buying an additional 397 shares during the last quarter. CVA Family Office LLC acquired a new stake in shares of Newmont during the 4th quarter worth about $34,000. Rise Advisors LLC lifted its holdings in shares of Newmont by 2,373.2% in the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 973 shares during the last quarter. Finally, Operose Advisors LLC grew its stake in shares of Newmont by 156.8% in the third quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock valued at $38,000 after buying an additional 635 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on NEM shares. Bank of America lifted their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup reduced their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Scotiabank boosted their price target on shares of Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, UBS Group raised Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.13.

Newmont Stock Performance

Shares of NEM traded up $0.39 during midday trading on Thursday, reaching $41.84. 5,530,251 shares of the stock were exchanged, compared to its average volume of 11,904,833. The business’s 50-day moving average price is $41.55 and its 200 day moving average price is $38.06. The company has a market capitalization of $48.25 billion, a price-to-earnings ratio of -15.71, a PEG ratio of 0.36 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 Co. has a twelve month low of $29.42 and a twelve month high of $45.92.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. On average, sell-side analysts expect that Newmont Co. will post 2.44 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. Newmont’s payout ratio is -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.