Pekin Hardy Strauss Inc. Purchases 6,384 Shares of Newmont Co. (NYSE:NEM)

Pekin Hardy Strauss Inc. increased its position in shares of Newmont Co. (NYSE:NEM) by 13.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 54,057 shares of the basic materials company’s stock after purchasing an additional 6,384 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Newmont were worth $2,237,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NEM. Handelsbanken Fonder AB grew its stake in shares of Newmont by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 215,555 shares of the basic materials company’s stock valued at $7,965,000 after buying an additional 8,444 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Newmont in the 3rd quarter valued at $372,000. Pinnacle Associates Ltd. increased its stake in Newmont by 15.6% in the third quarter. Pinnacle Associates Ltd. now owns 12,753 shares of the basic materials company’s stock worth $471,000 after purchasing an additional 1,721 shares during the period. FinTrust Capital Advisors LLC lifted its position in shares of Newmont by 18.1% during the third quarter. FinTrust Capital Advisors LLC now owns 11,093 shares of the basic materials company’s stock worth $410,000 after purchasing an additional 1,697 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in shares of Newmont by 18.3% during the third quarter. Raymond James & Associates now owns 530,565 shares of the basic materials company’s stock valued at $19,604,000 after purchasing an additional 82,115 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Down 3.8 %

NEM traded down $1.62 during trading on Tuesday, hitting $40.64. The stock had a trading volume of 13,337,335 shares, compared to its average volume of 13,786,346. The stock has a 50 day simple moving average of $35.71 and a two-hundred day simple moving average of $36.95. The company has a market capitalization of $46.85 billion, a PE ratio of -15.33, a PEG ratio of 1.09 and a beta of 0.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $50.18.

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

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.46%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -37.45%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. TD Securities boosted their price target on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday. Citigroup reduced their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Scotiabank lowered their target price on Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Finally, Argus lowered Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.