KBC Group NV Has $15.94 Million Stake in Newmont Co. (NYSE:NEM)

KBC Group NV lessened its stake in Newmont Co. (NYSE:NEM) by 24.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 298,264 shares of the basic materials company’s stock after selling 97,547 shares during the period. KBC Group NV’s holdings in Newmont were worth $15,943,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Hoese & Co LLP bought a new stake in shares of Newmont during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new stake in Newmont in the third quarter valued at $32,000. Meeder Asset Management Inc. bought a new position in shares of Newmont during the second quarter valued at $27,000. LRI Investments LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Newmont in the 3rd quarter worth about $48,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.6 %

Newmont stock opened at $40.91 on Friday. The stock has a market capitalization of $46.57 billion, a PE ratio of -26.72, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a 50 day moving average of $51.30 and a 200-day moving average of $47.36. 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 announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate 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 9.80% and a negative net margin of 7.03%. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. On average, equities research analysts anticipate that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders 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 is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

Analysts Set New Price Targets

Several analysts have weighed in on NEM shares. BMO Capital Markets upped their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Raymond James lifted their price objective on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Jefferies Financial Group raised their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $54.14.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’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 owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock valued at $2,444,440 in the last quarter. 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.