Metis Global Partners LLC Raises Position in Newmont Co. (NYSE:NEM)

Metis Global Partners LLC lifted its stake in Newmont Co. (NYSE:NEM) by 7.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,426 shares of the basic materials company’s stock after purchasing an additional 8,553 shares during the period. Metis Global Partners LLC’s holdings in Newmont were worth $4,482,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEM. Zurich Insurance Group Ltd FI bought a new position in shares of Newmont in the third quarter worth approximately $98,011,000. Nordea Investment Management AB lifted its stake in shares of Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after buying an additional 1,578,545 shares in the last quarter. FMR LLC boosted its holdings in Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Assenagon Asset Management S.A. increased its stake in Newmont by 57.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after buying an additional 865,213 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Newmont by 1.6% during the fourth quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock valued at $1,851,606,000 after acquiring an additional 797,445 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

NYSE:NEM opened at $42.83 on Friday. The firm has a market capitalization of $48.26 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 0.41 and a beta of 0.52. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The business has a 50 day simple moving average of $42.01 and a 200-day simple moving average of $46.28. Newmont Co. has a 1 year low of $31.67 and a 1 year high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.32 billion. Equities analysts forecast that Newmont Co. will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.33%. Newmont’s payout ratio is 34.13%.

Analysts Set New Price Targets

Several analysts recently issued reports on NEM shares. Royal Bank of Canada increased their target price on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 11th. Scotiabank cut their price objective on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. The Goldman Sachs Group assumed coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price objective on the stock. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $53.16.

Insider Buying and Selling

In other news, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $360,000.00. Following the completion of the sale, the chief operating officer now directly owns 145,967 shares in the company, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the executive vice president now owns 82,596 shares in the company, valued at approximately $3,303,840. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,154 shares of company stock valued at $1,166,843 in the last ninety days. 0.06% of the stock is owned by company insiders.

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.