Sequoia Financial Advisors LLC Takes Position in Newmont Co. (NYSE:NEM)

Sequoia Financial Advisors LLC acquired a new stake in Newmont Co. (NYSE:NEM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 14,341 shares of the basic materials company’s stock, valued at approximately $594,000.

A number of other hedge funds also recently made changes to their positions in the business. B.O.S.S. Retirement Advisors LLC bought a new stake in shares of Newmont in the 4th quarter worth about $1,006,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Newmont by 68.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 385,889 shares of the basic materials company’s stock worth $15,972,000 after purchasing an additional 156,188 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Newmont by 30.9% in the 4th quarter. Bleakley Financial Group LLC now owns 11,712 shares of the basic materials company’s stock worth $485,000 after purchasing an additional 2,766 shares during the last quarter. Meeder Advisory Services Inc. bought a new stake in shares of Newmont in the 4th quarter worth about $301,000. Finally, Retireful LLC bought a new stake in shares of Newmont in the 4th quarter worth about $2,237,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price on the stock. Citigroup decreased their price objective 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. National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8th. StockNews.com lowered shares of Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Finally, Royal Bank of Canada decreased their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $51.97.

Newmont Stock Down 0.8 %

Shares of NYSE NEM opened at $38.12 on Wednesday. The firm has a market capitalization of $43.94 billion, a PE ratio of -16.01, a price-to-earnings-growth ratio of 1.06 and a beta of 0.50. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $50.18. The firm’s 50-day moving average is $34.49 and its 200-day moving average is $36.78.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The firm’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same period last year, the business posted $0.44 EPS. Equities analysts expect that Newmont Co. will post 1.97 EPS for the current year.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.62%. Newmont’s dividend payout ratio is -42.02%.

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.