Newmont Co. (NYSE:NEM) Holdings Cut by Te Ahumairangi Investment Management Ltd

Te Ahumairangi Investment Management Ltd lessened its holdings in Newmont Co. (NYSE:NEM - Free Report) by 8.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 129,718 shares of the basic materials company's stock after selling 12,450 shares during the quarter. Newmont accounts for about 1.2% of Te Ahumairangi Investment Management Ltd's holdings, making the stock its 28th biggest position. Te Ahumairangi Investment Management Ltd's holdings in Newmont were worth $6,894,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Strategic Financial Concepts LLC purchased a new stake in Newmont during the second quarter worth about $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the 2nd quarter worth approximately $27,000. Hoese & Co LLP acquired a new position in Newmont during the third quarter worth $27,000. Avior Wealth Management LLC boosted its position in Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock worth $27,000 after purchasing an additional 326 shares in the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in Newmont in the third quarter valued at $28,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent research reports. Argus upgraded shares of Newmont from a "hold" rating to a "buy" rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. Veritas upgraded shares of Newmont to a "strong-buy" rating in a research report on Monday, September 30th. Cibc World Mkts downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 28th. Scotiabank cut Newmont from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Royal Bank of Canada reduced their price objective 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company's stock, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company's stock, valued at $14,607,746.89. The trade was a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Newmont Stock Down 1.7 %

NYSE:NEM traded down $0.72 during trading hours on Thursday, hitting $41.56. The stock had a trading volume of 7,234,656 shares, compared to its average volume of 10,457,833. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a market cap of $47.31 billion, a PE ratio of -27.50, a price-to-earnings-growth ratio of 0.35 and a beta of 0.49. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The business has a 50 day simple moving average of $46.99 and a two-hundred day simple moving average of $47.37.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly 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). 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 analyst estimates of $4.67 billion. During the same quarter last year, the firm posted $0.36 EPS. The company's revenue was up 84.7% compared to the same quarter last year. Analysts predict that Newmont Co. will post 3.08 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 2.41%. Newmont's payout ratio is -65.79%.

Newmont 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.