Cullen Frost Bankers Inc. Boosts Holdings in Newmont Co. (NYSE:NEM)

Cullen Frost Bankers Inc. raised its position in shares of Newmont Co. (NYSE:NEM) by 54.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 77,721 shares of the basic materials company’s stock after purchasing an additional 27,310 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Newmont were worth $3,217,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NEM. Vanguard Group Inc. lifted its position in Newmont by 17.6% in the 3rd quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock valued at $3,051,291,000 after acquiring an additional 12,360,775 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares during the last quarter. Northern Trust Corp grew its position in Newmont by 5.7% in the 3rd quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock worth $381,203,000 after purchasing an additional 554,513 shares during the period. Finally, Invesco Ltd. raised its stake in Newmont by 5.8% during the 3rd 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 last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. BMO Capital Markets cut their price objective on Newmont from $56.00 to $54.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. TD Securities upped their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Jefferies Financial Group began coverage on shares of Newmont in a research note on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. Finally, Citigroup decreased their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $48.35.

Newmont Price Performance

Shares of NYSE:NEM opened at $41.89 on Thursday. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $48.41. The company’s 50 day moving average is $36.85 and its 200 day moving average is $37.01. The company has a market cap of $48.31 billion, a PE ratio of -15.55, a price-to-earnings-growth ratio of 0.96 and a beta of 0.48.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. On average, sell-side analysts forecast that Newmont Co. will post 2.32 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Tuesday, June 4th. Newmont’s payout ratio is presently -37.45%.

About Newmont

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.