ICICI Prudential Asset Management Co Ltd Sells 18,800 Shares of Newmont Co. (NYSE:NEM)

ICICI Prudential Asset Management Co Ltd decreased its holdings in shares of Newmont Co. (NYSE:NEM - Free Report) by 35.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,600 shares of the basic materials company's stock after selling 18,800 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Newmont were worth $1,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NEM. Empowered Funds LLC boosted its holdings in Newmont by 102.9% in the first quarter. Empowered Funds LLC now owns 25,453 shares of the basic materials company's stock valued at $912,000 after acquiring an additional 12,908 shares in the last quarter. Atomi Financial Group Inc. bought a new stake in Newmont in the first quarter valued at $316,000. Sei Investments Co. boosted its holdings in Newmont by 67.5% in the first quarter. Sei Investments Co. now owns 203,859 shares of the basic materials company's stock valued at $7,307,000 after acquiring an additional 82,165 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in Newmont by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company's stock valued at $271,000 after acquiring an additional 278 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Newmont by 12.0% during the 1st quarter. US Bancorp DE now owns 138,203 shares of the basic materials company's stock valued at $4,953,000 after buying an additional 14,857 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. Raymond James boosted their target price on shares of Newmont from $65.00 to $66.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Jefferies Financial Group boosted their target price on shares of Newmont from $54.00 to $63.00 and gave the company a "buy" rating in a report on Friday, October 4th. CIBC cut shares of Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. UBS Group cut shares of Newmont from a "buy" rating to a "neutral" rating and dropped their target price for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Argus upgraded shares of Newmont from a "hold" rating to a "buy" rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $54.14.

Newmont Price Performance

NYSE:NEM traded down $0.35 during mid-day trading on Wednesday, reaching $41.23. The company's stock had a trading volume of 15,153,387 shares, compared to its average volume of 10,516,973. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The firm's fifty day moving average price is $51.73 and its two-hundred day moving average price is $47.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion during the quarter, compared to analysts' expectations of $4.67 billion. During the same period last year, the firm posted $0.36 EPS. Newmont's quarterly revenue was up 84.7% compared to the same quarter last year. As a group, research analysts expect that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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 paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.43%. Newmont's dividend payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business's stock in a transaction dated 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 directly owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, 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 completion of the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares of the company's stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % 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 worth $2,444,440 in the last three months. 0.06% of the stock is currently 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.