Empowered Funds LLC Cuts Holdings in Newmont Co. (NYSE:NEM)

Empowered Funds LLC lowered its stake in shares of Newmont Co. (NYSE:NEM) by 14.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 86,285 shares of the basic materials company’s stock after selling 14,520 shares during the quarter. Empowered Funds LLC’s holdings in Newmont were worth $4,612,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. 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 in the 1st quarter worth approximately $49,444,000. Van ECK Associates Corp boosted its stake in Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after buying an additional 1,289,084 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Newmont by 262.6% during the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after acquiring an additional 1,096,905 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Newmont by 47.7% during the second quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after acquiring an additional 1,088,742 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Price Performance

NEM stock opened at $40.93 on Monday. 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 firm has a market capitalization of $46.60 billion, a price-to-earnings ratio of -26.93, a PEG ratio of 0.34 and a beta of 0.51. The firm has a 50 day moving average price of $51.11 and a 200-day moving average price of $47.44. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the firm posted $0.36 EPS. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. Equities research analysts forecast that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 yield of 2.44%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -65.79%.

Analyst Ratings Changes

Several equities analysts recently commented on NEM shares. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the company from $59.00 to $55.00 in a report on Friday, October 25th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Finally, Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.14.

Insider Activity at Newmont

In other news, 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 owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by insiders.

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.