Rafferty Asset Management LLC Increases Stake in Newmont Co. (NYSE:NEM)

Rafferty Asset Management LLC lifted its stake in Newmont Co. (NYSE:NEM) by 11.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 98,818 shares of the basic materials company’s stock after acquiring an additional 10,251 shares during the period. Rafferty Asset Management LLC’s holdings in Newmont were worth $3,678,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. HHM Wealth Advisors LLC increased its holdings in Newmont by 66.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after buying an additional 350 shares during the period. Redwood Park Advisors LLC acquired a new position in Newmont in the 4th quarter worth approximately $37,000. Promus Capital LLC acquired a new position in Newmont in the 4th quarter worth approximately $38,000. Kestra Investment Management LLC acquired a new position in Newmont in the 4th quarter worth approximately $43,000. Finally, Assetmark Inc. increased its holdings in Newmont by 185.9% in the 4th quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company’s stock worth $47,000 after buying an additional 820 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $50.09 on Monday. The company’s fifty day moving average price is $50.33 and its 200 day moving average price is $44.96. Newmont Co. has a 1 year low of $36.86 and a 1 year high of $58.72. The stock has a market capitalization of $55.75 billion, a P/E ratio of 17.10, a P/E/G ratio of 0.41 and a beta of 0.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the company earned $0.55 EPS. As a group, equities research analysts anticipate that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.00%. Newmont’s dividend payout ratio is currently 22.42%.

Analyst Ratings Changes

Several equities analysts recently weighed in on NEM shares. Cfra Research upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, April 25th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and increased their price target for the stock from $50.00 to $60.00 in a report on Friday, April 11th. Royal Bank of Canada increased their price target on shares of Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a report on Friday, April 4th. Argus set a $63.00 price objective on shares of Newmont in a research note on Friday, April 25th. Finally, StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.52.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total value of $106,923.96. Following the transaction, the director now owns 47,257 shares in the company, valued at approximately $2,432,790.36. This trade represents a 4.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the transaction, the executive vice president now owns 86,526 shares in the company, valued at $3,782,051.46. The trade was a 3.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,154 shares of company stock valued at $328,840. 0.05% of the stock is owned by company insiders.

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.