Gamco Investors INC. ET AL Increases Stake in Newmont Co. (NYSE:NEM)

Gamco Investors INC. ET AL increased its holdings in shares of Newmont Co. (NYSE:NEM) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 601,551 shares of the basic materials company’s stock after buying an additional 33,521 shares during the period. Gamco Investors INC. ET AL owned about 0.05% of Newmont worth $21,560,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after purchasing an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Newmont by 57.2% in the 4th 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 purchasing an additional 18,664,614 shares during the last quarter. Norges Bank purchased a new stake in shares of Newmont in the 4th quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. increased its position in shares of Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after purchasing an additional 6,617,145 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM stock traded up $1.03 during mid-day trading on Friday, hitting $46.73. The stock had a trading volume of 8,371,515 shares, compared to its average volume of 7,299,322. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $48.97. The firm has a market cap of $53.89 billion, a PE ratio of -17.50, a PEG ratio of 0.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.90. The company’s 50-day simple moving average is $43.39 and its 200-day simple moving average is $38.78.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter last year, the business earned $0.33 EPS. The business’s revenue was up 64.1% on a year-over-year basis. Sell-side analysts anticipate that Newmont Co. will post 2.64 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on NEM. Jefferies Financial Group increased their price objective on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. TD Securities increased their target price on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Finally, Scotiabank increased their target price on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research report on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

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.