abrdn plc acquires 409,168 shares of Newmont Co. (NYSE:NEM)

abrdn plc has sold its interest in Newmont Co. shares. (NYSE:NEM – Free Report) increased 35.5% during the fourth quarter, according to its latest filing with the Securities and Exchange Commission. The company owned 1,560,154 shares of the basic materials company after purchasing an additional 409,168 shares during the quarter. abrdn plc owned 0.20% of Newmont worth $64,575,000 at the time of the most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in NEM. Kornitzer Capital Management Inc. KS increased its stake in Newmont by 4.7% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 145,735 shares of the basic materials company valued at $6,032,000, after acquiring an additional 6,602 shares last quarter. JW Cole Advisors Inc. increased its stake in Newmont by 5.1% in the fourth quarter. JW Cole Advisors Inc. now owns 7,788 shares of the basic materials company, valued at $322,000, after acquiring another 378 shares in the last quarter. Greenleaf Trust increased its stake in Newmont by 24.4% in the fourth quarter. Greenleaf Trust now owns 22,501 shares of the basic materials company valued at $931,000, after acquiring an additional 4,416 shares last quarter. Western Wealth Management LLC increased its holdings in Newmont by 21.2% in the fourth quarter. Western Wealth Management LLC now owns 9,193 shares of the basic materials company’s stock valued at $380,000 after acquiring an additional 1,605 shares last quarter. Finally, Xponance Inc. strengthened. its position in Newmont increased by 29.0% in the fourth quarter. Xponance Inc. now owns 213,221 shares of the basic materials company valued at $8,825,000 after purchasing an additional 47,966 shares in the last quarter. 68.85% of the shares are held by institutional investors.

Newmont shares rise 1.2%

NEM opened at $39.02 on Monday. Newmont Co. has a one-year low of $29.42 and a one-year high of $50.18. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25. The company has a fifty-day moving average of $34.82 and a two-hundred-day moving average of $36.85.

Newmont (NYSE:NEM – Get Free Report) posted its latest quarterly results on Thursday, February 22. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same period last year, the company posted earnings per share of $0.44. The company’s revenue for the quarter rose 23.7% year over year. Analysts expect Newmont Co. will post earnings per share of 1.98 for the current year.

Newmont cuts dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28. A dividend of $0.25 was paid to known shareholders on Tuesday, March 5. This represents a $1.00 annualized dividend and a 2.56% yield. The ex-dividend date was Monday, March 4. Newmont’s dividend payout ratio (DPR) currently stands at -42.02%.

Wall Street analysts predict growth

NEM has been the subject of a number of reports from research analysts. Scotiabank downgraded shares of Newmont from $50.00 to $43.50 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. Jefferies Financial Group initiated coverage on shares of Newmont in a report on Thursday, February 29th. They set a buy rating and a $38.00 price target on the stock. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8. TD Securities lowered their target price 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. Finally, BMO Capital Markets lowered their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the stock in a report on Thursday, February 15. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.89.

Check out our latest research report on Newmont

Newmont profile

(Free report)

Newmont Corporation is engaged in the production and exploration of gold. It also investigates 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.

Also see

Get daily news and reviews for Newmont – Enter your email address below to receive a daily summary of the latest news and analyst ratings for Newmont and related companies with MarketBeat.com’s FREE daily email newsletter.