Legacy Capital Group California Inc. Reduces Holdings in Newmont Co. (NYSE:NEM)

Legacy Capital Group California Inc. reduced its position in Newmont Co. (NYSE:NEM) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,988 shares of the basic materials company’s stock after selling 379 shares during the period. Legacy Capital Group California Inc.’s holdings in Newmont were worth $587,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Zweig DiMenna Associates LLC purchased a new position in Newmont in the third quarter valued at about $9,920,000. Assenagon Asset Management S.A. raised its holdings in Newmont by 262.6% in 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 in the last quarter. IFM Investors Pty Ltd boosted its stake in Newmont by 3.1% during the 3rd quarter. IFM Investors Pty Ltd now owns 235,626 shares of the basic materials company’s stock valued at $12,594,000 after acquiring an additional 7,191 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its position in shares of Newmont by 3.5% in the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 152,227 shares of the basic materials company’s stock worth $8,137,000 after purchasing an additional 5,130 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Newmont by 6,387.0% during the third quarter. International Assets Investment Management LLC now owns 979,921 shares of the basic materials company’s stock worth $52,377,000 after purchasing an additional 964,815 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. Royal Bank of Canada cut their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday. BMO Capital Markets increased their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.46.

Newmont Stock Down 14.7 %

NEM stock opened at $49.25 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The stock has a market capitalization of $56.51 billion, a price-to-earnings ratio of -23.23, a PEG ratio of 0.49 and a beta of 0.50. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The business’s fifty day moving average price is $53.43 and its two-hundred day moving average price is $46.74.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s quarterly revenue was up 84.7% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. On average, equities analysts anticipate that Newmont Co. will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -47.17%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, 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 transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock worth $3,434,640 in the last ninety days. Company 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.