Pitcairn Co. Decreases Stock Holdings in Newmont Co. (NYSE:NEM)

Pitcairn Co. cut its holdings in Newmont Co. (NYSE:NEM) by 20.6% in the third quarter, HoldingsChannel reports. The firm owned 4,124 shares of the basic materials company’s stock after selling 1,069 shares during the quarter. Pitcairn Co.’s holdings in Newmont were worth $220,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. LRI Investments LLC bought a new stake in shares of Newmont in the 1st quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new position in Newmont in the second quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in Newmont during the second quarter worth approximately $27,000. Hoese & Co LLP purchased a new stake in Newmont during the third quarter valued at approximately $27,000. Finally, Avior Wealth Management LLC lifted its stake in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Royal Bank of Canada cut their target price 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. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Jefferies Financial Group raised their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Trading Up 0.1 %

NEM opened at $42.04 on Thursday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a market capitalization of $47.86 billion, a P/E ratio of -27.66, a PEG ratio of 0.37 and a beta of 0.51. The stock’s fifty day moving average is $49.57 and its two-hundred day moving average is $47.47. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The business’s revenue was up 84.7% compared to the same quarter last year. Analysts forecast that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Dividend Announcement

The firm 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.38%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated 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 approximately $4,963,452.12. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,444,440 over the last ninety days. 0.06% of the stock is owned by company insiders.

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.