Moors & Cabot Inc. Reduces Holdings in Newmont Corporation $NEM

Moors & Cabot Inc. reduced its position in Newmont Corporation (NYSE:NEM) by 14.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,495 shares of the basic materials company’s stock after selling 8,855 shares during the period. Moors & Cabot Inc.’s holdings in Newmont were worth $4,594,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NEM. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. JPL Wealth Management LLC purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $27,000. Harbor Capital Advisors Inc. boosted its stake in shares of Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after buying an additional 139 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Newmont during the third quarter worth approximately $44,000. Finally, Capital A Wealth Management LLC increased its stake in shares of Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after buying an additional 478 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. UBS Group dropped their target price on shares of Newmont from $160.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. DZ Bank raised shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a report on Sunday, March 8th. Finally, BMO Capital Markets decreased their target price on Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $134.15.

Newmont Price Performance

NEM opened at $110.19 on Tuesday. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $118.86 and its 200 day moving average price is $98.95. Newmont Corporation has a fifty-two week low of $42.93 and a fifty-two week high of $134.88. The firm has a market cap of $119.87 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. The company had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.Newmont’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.40 earnings per share. As a group, sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. This is an increase from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is presently 16.28%.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.