Newmont Co. (NYSE:NEM) Holdings Decreased by Palouse Capital Management Inc.

Palouse Capital Management Inc. lowered its position in Newmont Co. (NYSE:NEM) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,852 shares of the basic materials company’s stock after selling 2,228 shares during the quarter. Newmont makes up approximately 2.1% of Palouse Capital Management Inc.’s holdings, making the stock its 15th biggest position. Palouse Capital Management Inc.’s holdings in Newmont were worth $3,015,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Newmont by 17.6% in the third quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock valued at $3,051,291,000 after purchasing an additional 12,360,775 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Newmont by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock valued at $628,278,000 after purchasing an additional 483,377 shares in the last quarter. Northern Trust Corp grew its stake in Newmont by 5.7% in the third quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock valued at $381,203,000 after purchasing an additional 554,513 shares in the last quarter. Morgan Stanley grew its stake in Newmont by 1.0% in the fourth quarter. Morgan Stanley now owns 9,135,415 shares of the basic materials company’s stock valued at $431,192,000 after purchasing an additional 94,108 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Newmont by 5.8% in the third quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock valued at $289,232,000 after purchasing an additional 428,537 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NYSE NEM traded up $0.48 during trading hours on Friday, hitting $39.03. 10,435,742 shares of the company’s stock were exchanged, compared to its average volume of 13,529,912. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $50.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. The stock has a market capitalization of $44.99 billion, a price-to-earnings ratio of -16.40, a PEG ratio of 1.02 and a beta of 0.50. The company’s 50-day moving average price is $34.82 and its 200-day moving average price is $36.83.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the firm posted $0.44 EPS. Newmont’s revenue for the quarter was up 23.7% on a year-over-year basis. On average, sell-side analysts expect that Newmont Co. will post 2.01 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were issued a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.56%. Newmont’s dividend payout ratio (DPR) is -42.02%.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent research reports. Scotiabank lowered their target price 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. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. Citigroup reduced their price target on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group assumed coverage on Newmont in a research report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target for the company. Finally, Argus cut Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $51.97.

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.