TAP Consulting LLC Increases Stock Position in Newmont Co. (NYSE:NEM)

TAP Consulting LLC grew its position in shares of Newmont Co. (NYSE:NEM) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,347 shares of the basic materials company’s stock after purchasing an additional 4,271 shares during the period. TAP Consulting LLC’s holdings in Newmont were worth $3,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. State of Alaska Department of Revenue increased its stake in Newmont by 27.5% during the fourth quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after acquiring an additional 36,645 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Newmont by 22.3% in the third quarter. Janney Montgomery Scott LLC now owns 145,639 shares of the basic materials company’s stock worth $5,382,000 after buying an additional 26,599 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Newmont by 13.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after buying an additional 94,692 shares during the last quarter. KLCM Advisors Inc. boosted its stake in Newmont by 4.3% during the fourth quarter. KLCM Advisors Inc. now owns 427,826 shares of the basic materials company’s stock worth $17,708,000 after buying an additional 17,791 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Newmont by 70.5% in the fourth quarter. Pacer Advisors Inc. now owns 85,401 shares of the basic materials company’s stock valued at $3,535,000 after acquiring an additional 35,303 shares during the period. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research analyst reports. National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Scotiabank dropped their target price on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. StockNews.com cut Newmont from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, TD Securities cut their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.89.

Newmont Stock Performance

Shares of Newmont stock traded up $4.81 during trading on Thursday, hitting $43.41. 36,079,861 shares of the company’s stock were exchanged, compared to its average volume of 13,785,023. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $50.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a market capitalization of $50.04 billion, a price-to-earnings ratio of -18.24, a PEG ratio of 1.05 and a beta of 0.50. The business has a 50-day simple moving average of $35.35 and a 200-day simple moving average of $36.92.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.23. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. Newmont’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share. On average, research analysts forecast that Newmont Co. will post 1.97 EPS for the current year.

Newmont Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.30%. Newmont’s dividend payout ratio (DPR) is currently -42.02%.

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.