Norges Bank Purchases Shares of 16,823,222 Newmont Co. (NYSE:NEM)

Norges Bank acquired a new stake in shares of Newmont Co. (NYSE:NEM) in the fourth quarter, Holdings Channel.com reports. The firm acquired 16,823,222 shares of the basic materials company’s stock, valued at approximately $626,074,000.

Other institutional investors and hedge funds have also modified their holdings of the company. HHM Wealth Advisors LLC increased its holdings in Newmont by 66.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after buying an additional 350 shares in the last quarter. Promus Capital LLC purchased a new position in shares of Newmont in the 4th quarter valued at about $38,000. McIlrath & Eck LLC raised its holdings in Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 361 shares during the period. Kestra Investment Management LLC purchased a new position in Newmont during the fourth quarter worth approximately $43,000. Finally, Assetmark Inc. grew its holdings in Newmont by 185.9% in the fourth quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 820 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Down 0.7 %

NYSE NEM opened at $48.06 on Friday. The business’s fifty day simple moving average is $44.78 and its 200-day simple moving average is $45.50. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a market cap of $54.17 billion, a PE ratio of 16.40, a P/E/G ratio of 0.41 and a beta of 0.54. Newmont Co. has a 52 week low of $36.10 and a 52 week high of $58.72.

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

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Tuesday, March 4th were given a $0.25 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.08%. Newmont’s payout ratio is 34.13%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. TD Securities reduced their target price on Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, February 26th. StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Scotiabank cut their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. National Bank Financial raised shares of Newmont to a “hold” rating in a research note on Friday, March 21st. Finally, Royal Bank of Canada boosted their price objective on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.16.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the completion of the transaction, the executive vice president now directly owns 86,526 shares in the company, valued at approximately $3,782,051.46. This represents a 3.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were 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 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 disclosure for this sale can be found here. Insiders sold a total of 33,231 shares of company stock valued at $1,388,758 over the last quarter. 0.05% of the stock is owned by insiders.

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.