Riggs Asset Managment Co. Inc. Takes $5.40 Million Position in Newmont Co. (NYSE:NEM)

Riggs Asset Managment Co. Inc. bought a new stake in shares of Newmont Co. (NYSE:NEM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 100,997 shares of the basic materials company’s stock, valued at approximately $5,398,000. Newmont comprises approximately 1.5% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors also recently bought and sold shares of NEM. Vanguard Group Inc. lifted its holdings in shares of Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the last quarter. Legal & General Group Plc grew its position in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after acquiring an additional 109,084 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Newmont by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock valued at $175,872,000 after purchasing an additional 313,736 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Down 1.7 %

Newmont stock opened at $48.42 on Monday. The stock has a market cap of $55.56 billion, a PE ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The stock has a 50-day moving average of $53.39 and a two-hundred day moving average of $46.93. Newmont Co. has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings results 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). The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company’s quarterly revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. On average, research analysts anticipate that Newmont Co. will post 3.07 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -47.17%.

Wall Street Analyst Weigh In

NEM has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Veritas raised shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, August 29th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. The trade was 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. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock worth $3,434,640 over the last three months. 0.06% of the stock is currently owned by 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.