The Manufacturers Life Insurance Company Reduces Holdings in Newmont Co. (NYSE:NEM)

The Manufacturers Life Insurance Company trimmed its holdings in Newmont Co. (NYSE:NEM - Free Report) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 841,779 shares of the basic materials company's stock after selling 19,637 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Newmont worth $44,993,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Avior Wealth Management LLC raised its holdings in shares of Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock valued at $27,000 after buying an additional 326 shares during the last quarter. Hoese & Co LLP purchased a new stake in Newmont during the 3rd quarter valued at approximately $27,000. Prospera Private Wealth LLC acquired a new stake in Newmont during the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont in the 3rd quarter valued at approximately $32,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Newmont in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Scotiabank downgraded Newmont from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Argus raised 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. Jefferies Financial Group increased their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, October 4th. Veritas raised Newmont to a "strong-buy" rating in a report on Monday, September 30th. Finally, Cibc World Mkts downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given 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 a consensus target price of $54.31.

Newmont Price Performance

NEM traded down $0.10 during midday trading on Friday, reaching $41.94. 6,186,613 shares of the company's stock were exchanged, compared to its average volume of 10,502,055. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The business's 50-day moving average price is $49.35 and its 200 day moving average price is $47.43. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The stock has a market capitalization of $47.75 billion, a PE ratio of -27.66, a P/E/G ratio of 0.36 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $4.61 billion for the quarter, compared to analysts' expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 EPS. As a group, equities analysts anticipate that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The firm 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont's dividend payout ratio (DPR) is -65.79%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares of the company's stock, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 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 value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company's stock.

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.