Palouse Capital Management Inc. Sells 5,217 Shares of Newmont Co. (NYSE:NEM)

Palouse Capital Management Inc. reduced its holdings in shares of Newmont Co. (NYSE:NEM) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,394 shares of the basic materials company’s stock after selling 5,217 shares during the period. Newmont comprises approximately 2.1% of Palouse Capital Management Inc.’s portfolio, making the stock its 15th biggest holding. Palouse Capital Management Inc.’s holdings in Newmont were worth $3,216,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. E. Ohman J or Asset Management AB grew its position in Newmont by 0.4% during the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after acquiring an additional 200 shares during the last quarter. Carmel Capital Partners LLC increased its stake in shares of Newmont by 4.5% in the third quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after buying an additional 226 shares during the period. Good Life Advisors LLC increased its stake in shares of Newmont by 4.6% in the third quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after buying an additional 229 shares during the period. Studio Investment Management LLC increased its stake in shares of Newmont by 29.4% in the third quarter. Studio Investment Management LLC now owns 1,149 shares of the basic materials company’s stock worth $61,000 after buying an additional 261 shares during the period. Finally, Confluence Investment Management LLC increased its stake in shares of Newmont by 2.4% in the fourth quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock worth $439,000 after buying an additional 281 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NEM. Bernstein Bank lifted their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Scotiabank decreased their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. The Goldman Sachs Group assumed coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price objective on the stock. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.37.

Insider Buying and Selling

In other news, Director Harry M. Iv Conger purchased 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were bought at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $128,670.00. Following the completion of the transaction, the executive vice president now owns 79,596 shares in the company, valued at approximately $3,413,872.44. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,154 shares of company stock worth $1,166,843 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $46.61 on Friday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company’s fifty day moving average price is $41.01 and its 200-day moving average price is $46.50.

Newmont Company 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.