Newmont Co. (NYSE:NEM) Position Lessened by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its holdings in shares of Newmont Co. (NYSE:NEM - Free Report) by 6.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,408,419 shares of the basic materials company's stock after selling 101,882 shares during the quarter. Victory Capital Management Inc. owned approximately 0.12% of Newmont worth $75,280,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NEM. LRI Investments LLC purchased a new position in Newmont during the first quarter worth about $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the second quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont in the second quarter valued at approximately $27,000. Hoese & Co LLP acquired a new position in Newmont during the third quarter worth approximately $27,000. Finally, Highline Wealth Partners LLC purchased a new position in Newmont during the third quarter worth approximately $32,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Stock Down 1.4 %

Shares of NYSE NEM traded down $0.56 during midday trading on Thursday, reaching $40.67. 16,484,162 shares of the company's stock were exchanged, compared to its average volume of 10,541,849. The stock has a market capitalization of $46.30 billion, a PE ratio of -26.76, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The business's fifty day moving average price is $51.52 and its two-hundred day moving average price is $47.41.

Newmont (NYSE:NEM - Get Free Report) last announced its 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). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The business's revenue for the quarter was up 84.7% on a year-over-year basis. Analysts forecast that Newmont Co. will post 3.15 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders 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 yield of 2.46%. The ex-dividend date is Wednesday, November 27th. Newmont's dividend payout ratio is currently -65.79%.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business'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 value of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company'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 sale, the executive vice president now directly 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. In the last 90 days, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the subject of several research reports. Raymond James boosted their price objective on shares of Newmont from $65.00 to $66.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Cibc World Mkts lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. 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 note on Thursday, October 24th. Bernstein Bank increased their target price on shares of Newmont from $55.00 to $58.00 in a research report on Monday. Finally, Scotiabank cut shares of Newmont from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.14.

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.