Federated Hermes Inc. Sells 404,682 Shares of Newmont Co. (NYSE:NEM)

Federated Hermes Inc. lessened its stake in shares of Newmont Co. (NYSE:NEM) by 19.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,683,406 shares of the basic materials company’s stock after selling 404,682 shares during the period. Federated Hermes Inc. owned about 0.21% of Newmont worth $69,676,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Newmont by 17.6% during the third quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock valued at $3,051,291,000 after buying an additional 12,360,775 shares during the period. Charles Schwab Investment Management Inc. increased its holdings 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 valued at $628,278,000 after buying an additional 483,377 shares during the period. Northern Trust Corp increased its holdings in Newmont by 5.7% during 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. Morgan Stanley increased its holdings in Newmont by 1.0% during the fourth quarter. Morgan Stanley now owns 9,135,415 shares of the basic materials company’s stock valued at $431,192,000 after buying an additional 94,108 shares during the period. Finally, Invesco Ltd. increased its holdings in Newmont by 5.8% during the third quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock valued at $289,232,000 after buying an additional 428,537 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.0 %

NYSE NEM opened at $38.55 on Friday. The company has a market capitalization of $44.44 billion, a PE ratio of -16.20, a P/E/G ratio of 1.02 and a beta of 0.50. The company has a fifty day moving average of $34.70 and a 200 day moving average of $36.81. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $50.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The business had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Research analysts forecast that Newmont Co. will post 2.01 earnings per share for the current year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s payout ratio is currently -42.02%.

Analyst Ratings Changes

Several equities analysts recently issued reports on NEM shares. StockNews.com lowered shares of Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. BMO Capital Markets cut their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. TD Securities cut their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a report on Friday, February 23rd. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $51.97.

Newmont Company 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.