Los Angeles Capital Management LLC Sells 201,042 Shares of Newmont Co. (NYSE:NEM)

Los Angeles Capital Management LLC lessened its holdings in shares of Newmont Co. (NYSE:NEM) by 48.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 213,087 shares of the basic materials company’s stock after selling 201,042 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Newmont were worth $11,390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hoese & Co LLP purchased a new position in Newmont during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new position in Newmont during the 3rd quarter valued at approximately $32,000. Meeder Asset Management Inc. purchased a new position in Newmont during the 2nd quarter valued at approximately $27,000. LRI Investments LLC purchased a new position in Newmont during the 1st quarter valued at approximately $25,000. Finally, Northwest Investment Counselors LLC purchased a new position in Newmont during the 3rd quarter valued at approximately $48,000. Institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,000 shares of company stock valued at $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Down 6.0 %

Shares of NYSE NEM opened at $42.34 on Tuesday. 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 business has a fifty day simple moving average of $52.17 and a two-hundred day simple moving average of $47.46. The firm has a market cap of $48.20 billion, a PE ratio of -27.86, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. Analysts expect that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business 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 $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, BMO Capital Markets lifted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.14.

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.