American International Group Inc. Increases Stake in Newmont Mining Corp (NEM)
American International Group Inc. grew its position in Newmont Mining Corp (NYSE:NEM) by 6.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 193,151 shares of the basic materials company’s stock after purchasing an additional 12,286 shares during the period. American International Group Inc.’s holdings in Newmont Mining were worth $5,833,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new stake in shares of Newmont Mining during the second quarter worth approximately $521,000. Dupont Capital Management Corp increased its stake in Newmont Mining by 38.7% in the second quarter. Dupont Capital Management Corp now owns 6,864 shares of the basic materials company’s stock valued at $259,000 after purchasing an additional 1,916 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in Newmont Mining in the second quarter valued at approximately $1,273,000. Jennison Associates LLC increased its stake in Newmont Mining by 8.7% in the second quarter. Jennison Associates LLC now owns 604,186 shares of the basic materials company’s stock valued at $22,784,000 after purchasing an additional 48,429 shares in the last quarter. Finally, Virginia Retirement Systems ET AL increased its stake in Newmont Mining by 5.9% in the second quarter. Virginia Retirement Systems ET AL now owns 130,000 shares of the basic materials company’s stock valued at $4,902,000 after purchasing an additional 7,300 shares in the last quarter. 83.98% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on NEM shares. Credit Suisse Group set a $49.00 target price on shares of Newmont Mining and gave the company a “buy” rating in a research note on Friday, November 9th. BMO Capital Markets reaffirmed a “buy” rating and issued a $46.00 target price on shares of Newmont Mining in a research note on Friday, September 21st. ValuEngine raised shares of Newmont Mining from a “hold” rating to a “buy” rating in a research note on Friday, November 16th. TheStreet downgraded shares of Newmont Mining from a “b-” rating to a “c” rating in a research note on Thursday, October 4th. Finally, TD Securities upped their target price on shares of Newmont Mining from $37.00 to $38.00 and gave the company a “hold” rating in a research note on Thursday, November 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Newmont Mining currently has an average rating of “Hold” and an average target price of $41.33.
Newmont Mining stock opened at $33.79 on Thursday. The company has a market capitalization of $17.23 billion, a PE ratio of 23.14 and a beta of 0.27. Newmont Mining Corp has a twelve month low of $29.06 and a twelve month high of $42.04. The company has a quick ratio of 4.02, a current ratio of 4.70 and a debt-to-equity ratio of 0.36.
Newmont Mining (NYSE:NEM) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.11. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Newmont Mining had a negative net margin of 2.63% and a positive return on equity of 6.19%. As a group, equities research analysts predict that Newmont Mining Corp will post 1.23 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Thursday, December 6th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Wednesday, December 5th. Newmont Mining’s dividend payout ratio (DPR) is presently 38.36%.
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Newmont Mining Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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