Euro Pacific Asset Management LLC Decreases Stake in Newmont Co. (NYSE:NEM)

Euro Pacific Asset Management LLC lowered its holdings in Newmont Co. (NYSE:NEM) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 356,136 shares of the basic materials company’s stock after selling 6,759 shares during the period. Newmont makes up 3.5% of Euro Pacific Asset Management LLC’s investment portfolio, making the stock its 8th largest position. Euro Pacific Asset Management LLC’s holdings in Newmont were worth $19,210,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Heathbridge Capital Management Ltd. boosted its stake in shares of Newmont by 2.0% in the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after purchasing an additional 200 shares in the last quarter. E. Ohman J or Asset Management AB raised its holdings in Newmont by 0.4% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after buying an additional 200 shares during the last quarter. Fulton Bank N.A. boosted its position in Newmont by 1.5% during the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after buying an additional 221 shares during the period. Carmel Capital Partners LLC boosted its position in Newmont by 4.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after buying an additional 226 shares during the period. Finally, Good Life Advisors LLC grew its holdings in Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 229 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NEM has been the subject of several recent analyst reports. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Royal Bank of Canada reduced their target price 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 lifted their price target on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Finally, Raymond James upped their price objective on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.14.

Newmont Price Performance

Shares of NYSE:NEM opened at $40.91 on Friday. The company has a market capitalization of $46.57 billion, a PE ratio of -26.91, a PEG ratio of 0.34 and a beta of 0.51. The business has a fifty day moving average price of $51.11 and a 200-day moving average price of $47.35. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. 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) last released its quarterly earnings data 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 negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities analysts expect that Newmont Co. will post 3.15 EPS for the current fiscal 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 2.44%. Newmont’s dividend payout ratio is -65.79%.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of the firm’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 owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. Corporate 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.