Channing Capital Management LLC Trims Position in Newmont Co. (NYSE:NEM)

Channing Capital Management LLC reduced its position in Newmont Co. (NYSE:NEM) by 29.9% in the 4th quarter, Holdings Channel reports. The fund owned 69,366 shares of the basic materials company’s stock after selling 29,569 shares during the period. Channing Capital Management LLC’s holdings in Newmont were worth $2,871,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NEM. Mizuho Securities Co. Ltd. purchased a new position in Newmont during the third quarter worth about $26,000. Life Planning Partners Inc purchased a new position in shares of Newmont during the 4th quarter worth about $26,000. OFI Invest Asset Management acquired a new stake in shares of Newmont in the third quarter worth approximately $30,000. CVA Family Office LLC purchased a new stake in Newmont in the fourth quarter valued at approximately $34,000. Finally, Operose Advisors LLC increased its position in Newmont by 156.8% during the third quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 635 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Up 1.5 %

NYSE:NEM traded up $0.63 on Monday, reaching $41.29. The stock had a trading volume of 5,733,127 shares, compared to its average volume of 13,532,488. The company has a 50-day moving average of $36.40 and a 200 day moving average of $36.97. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $47.61 billion, a P/E ratio of -15.46, a price-to-earnings-growth ratio of 0.96 and a beta of 0.48. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $49.08.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the prior year, the business posted $0.40 earnings per share. Newmont’s revenue for the quarter was up 50.2% on a year-over-year basis. On average, research analysts predict that Newmont Co. will post 2.32 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.42%. Newmont’s dividend payout ratio is presently -37.45%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. StockNews.com raised shares of Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Jefferies Financial Group assumed coverage on Newmont in a research note on Thursday, February 29th. They issued a “buy” rating and a $38.00 price objective on the stock. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Scotiabank reduced their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Finally, National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.35.

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.