Cadence Wealth Management LLC Has $724,000 Holdings in Newmont Co. (NYSE:NEM)

Cadence Wealth Management LLC decreased its holdings in Newmont Co. (NYSE:NEM) by 23.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,540 shares of the basic materials company’s stock after selling 4,142 shares during the quarter. Newmont accounts for about 0.6% of Cadence Wealth Management LLC’s portfolio, making the stock its 18th largest holding. Cadence Wealth Management LLC’s holdings in Newmont were worth $724,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the period. Maj Invest Holding A S lifted its stake in Newmont by 296.0% during the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after purchasing an additional 2,561,823 shares during the last quarter. Capital International Investors bought a new stake in Newmont during the first quarter worth $49,444,000. Van ECK Associates Corp boosted its holdings in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Newmont by 262.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after buying an additional 1,096,905 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on NEM shares. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $55.00 in a research note on Friday, October 25th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Bernstein Bank boosted their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday. Raymond James increased their price target on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. 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’s stock. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Stock Performance

Shares of NYSE NEM opened at $40.67 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $51.52 and its 200-day moving average price is $47.41. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings results 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). The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. During the same quarter in the previous year, the company posted $0.36 EPS. The firm’s revenue was up 84.7% on a year-over-year basis. On average, equities research analysts expect that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.46%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

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.