Van ECK Associates Corp Has $2.12 Billion Stock Holdings in Newmont Co. (NYSE:NEM)

Van ECK Associates Corp raised its stake in Newmont Co. (NYSE:NEM) by 57.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,290,469 shares of the basic materials company’s stock after buying an additional 18,664,614 shares during the period. Newmont comprises about 3.9% of Van ECK Associates Corp’s portfolio, making the stock its 2nd biggest position. Van ECK Associates Corp owned 0.06% of Newmont worth $2,122,913,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Vanguard Group Inc. raised its holdings in Newmont by 17.6% during the 3rd quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock worth $3,051,291,000 after purchasing an additional 12,360,775 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Newmont by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock worth $628,278,000 after buying an additional 483,377 shares during the last quarter. Northern Trust Corp lifted its holdings in Newmont by 5.7% in the third quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock valued at $381,203,000 after buying an additional 554,513 shares during the period. Invesco Ltd. grew its holdings in Newmont by 5.8% during the 3rd quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock worth $289,232,000 after acquiring an additional 428,537 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Newmont by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 6,470,393 shares of the basic materials company’s stock worth $239,205,000 after acquiring an additional 34,651 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NEM shares. Argus cut Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. 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. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8th. BMO Capital Markets cut their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, TD Securities boosted their target price on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Newmont Stock Down 1.1 %

NYSE:NEM traded down $0.47 during trading hours on Monday, hitting $42.26. 12,278,492 shares of the company traded hands, compared to its average volume of 13,791,921. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. The company has a market cap of $48.72 billion, a PE ratio of -15.99, a PEG ratio of 1.09 and a beta of 0.50. The firm’s 50-day simple moving average is $35.54 and its 200-day simple moving average is $36.93. Newmont Co. has a one year low of $29.42 and a one year high of $50.18.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

About Newmont

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.