Pettee Investors Inc. Sells 3,875 Shares of Newmont Co. (NYSE:NEM)

Pettee Investors Inc. cut its holdings in Newmont Co. (NYSE:NEM) by 12.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,947 shares of the basic materials company’s stock after selling 3,875 shares during the period. Pettee Investors Inc.’s holdings in Newmont were worth $1,040,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Van ECK Associates Corp raised its position in shares of Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after acquiring an additional 797,445 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Newmont by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock worth $1,253,457,000 after acquiring an additional 326,243 shares in the last quarter. Amundi raised its position in shares of Newmont by 14.0% in the 4th quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock worth $481,400,000 after acquiring an additional 1,507,708 shares in the last quarter. FMR LLC raised its position in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after acquiring an additional 1,226,697 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Newmont by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,850,404 shares of the basic materials company’s stock worth $254,972,000 after acquiring an additional 92,354 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Price Performance

NEM stock opened at $43.88 on Friday. The company has a market capitalization of $49.44 billion, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. 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 Co. has a 52-week low of $33.29 and a 52-week high of $58.72. The business has a 50-day simple moving average of $42.53 and a two-hundred day simple moving average of $46.03.

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

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.28%. Newmont’s payout ratio is presently 34.13%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NEM shares. CLSA started coverage on Newmont in a research note on Friday, November 29th. They issued an “underperform” rating for the company. The Goldman Sachs Group started coverage on Newmont in a research note on Monday, January 13th. They issued a “buy” rating and a $47.20 target price for 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. Bernstein Bank raised their target price on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Finally, StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.16.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the executive vice president now owns 82,596 shares in the company, valued at $3,303,840. The trade was a 3.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The stock was 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 directly owns 145,967 shares in the company, valued at $5,838,680. This trade represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,231 shares of company stock worth $1,388,758 in the last 90 days. Insiders own 0.06% of the company’s stock.

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.