Golden State Equity Partners Buys 2,807 Shares of Newmont Co. (NYSE:NEM)

Golden State Equity Partners increased its stake in shares of Newmont Co. (NYSE:NEM) by 23.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,563 shares of the basic materials company’s stock after buying an additional 2,807 shares during the quarter. Golden State Equity Partners’ holdings in Newmont were worth $603,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of NEM. TFC Financial Management Inc. increased its holdings in Newmont by 242.2% during the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 499 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Newmont during the 3rd quarter valued at $26,000. Life Planning Partners Inc acquired a new stake in Newmont during the 4th quarter valued at $26,000. OFI Invest Asset Management acquired a new stake in Newmont during the 3rd quarter valued at $30,000. Finally, CVA Family Office LLC acquired a new stake in shares of Newmont in the 4th quarter valued at $34,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 1.6 %

Shares of Newmont stock traded down $0.68 during trading on Friday, reaching $42.73. The stock had a trading volume of 14,689,213 shares, compared to its average volume of 14,308,821. The company has a current ratio of 2.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $49.26 billion, a price-to-earnings ratio of -16.00, a P/E/G ratio of 1.11 and a beta of 0.50. The stock has a fifty day moving average price of $35.54 and a two-hundred day moving average price of $36.95. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $50.18.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 earnings per share. Sell-side analysts predict that Newmont Co. will post 2.16 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Analyst Ratings Changes

Several research firms have recently commented on NEM. Royal Bank of Canada lowered their target price on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Jefferies Financial Group assumed coverage on Newmont in a research note on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective for the company. Citigroup decreased their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Newmont 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.