Fifth Third Wealth Advisors LLC Lowers Stock Position in Newmont Co. (NYSE:NEM)

Fifth Third Wealth Advisors LLC lowered its position in shares of Newmont Co. (NYSE:NEM) by 10.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 13,922 shares of the basic materials company’s stock after selling 1,550 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Newmont were worth $744,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caprock Group LLC lifted its position in Newmont by 5.5% during the third quarter. Caprock Group LLC now owns 85,006 shares of the basic materials company’s stock valued at $4,544,000 after buying an additional 4,414 shares during the period. Pathstone Holdings LLC lifted its position in Newmont by 9.1% during the third quarter. Pathstone Holdings LLC now owns 131,332 shares of the basic materials company’s stock valued at $7,020,000 after buying an additional 10,967 shares during the period. Meeder Advisory Services Inc. raised its position in shares of Newmont by 25.0% in the 3rd quarter. Meeder Advisory Services Inc. now owns 16,268 shares of the basic materials company’s stock worth $870,000 after purchasing an additional 3,256 shares during the last quarter. Napa Wealth Management purchased a new position in shares of Newmont in the 3rd quarter worth about $1,104,000. Finally, Capital City Trust Co. FL raised its position in shares of Newmont by 20.0% in the 3rd quarter. Capital City Trust Co. FL now owns 6,000 shares of the basic materials company’s stock worth $321,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NYSE NEM opened at $42.99 on Thursday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The firm has a market capitalization of $48.94 billion, a P/E ratio of -28.28, a PEG ratio of 0.34 and a beta of 0.51. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $50.63 and a 200-day moving average price of $47.44.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the company earned $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. Equities research analysts anticipate that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 in the last quarter. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NEM. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Bernstein Bank lifted their price target on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Raymond James lifted their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $54.14.

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.