Newmont Co. (NYSE:NEM) Position Reduced by Private Advisor Group LLC

Private Advisor Group LLC lowered its stake in Newmont Co. (NYSE:NEM) by 17.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 84,434 shares of the basic materials company’s stock after selling 17,678 shares during the period. Private Advisor Group LLC’s holdings in Newmont were worth $4,513,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NEM. LRI Investments LLC bought a new stake in Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont in the 2nd quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the 2nd quarter valued at approximately $27,000. Hoese & Co LLP bought a new position in Newmont during the third quarter worth $27,000. Finally, Heritage Wealth Advisors boosted its holdings in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent research reports. Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a research report on Friday. Jefferies Financial Group lifted their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. UBS Group increased their price target on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Raymond James boosted their price objective on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $54.85.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock worth $3,434,640 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Newmont Stock Performance

Shares of NEM opened at $48.42 on Friday. The firm has a market capitalization of $55.56 billion, a PE ratio of -22.84, a P/E/G ratio of 0.49 and a beta of 0.50. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $53.39 and a 200 day moving average price of $46.82. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the business earned $0.36 earnings per share. The company’s revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts anticipate that Newmont Co. will post 3.07 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -47.17%.

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.