Los Angeles Capital Management LLC Lowers Holdings in Newmont Co. (NYSE:NEM)

Los Angeles Capital Management LLC decreased its stake in Newmont Co. (NYSE:NEM) by 48.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 213,087 shares of the basic materials company’s stock after selling 201,042 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Newmont were worth $11,390,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NEM. State of New Jersey Common Pension Fund D raised its holdings in Newmont by 0.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 428,636 shares of the basic materials company’s stock worth $22,911,000 after purchasing an additional 1,450 shares during the period. Crossmark Global Holdings Inc. raised its holdings in Newmont by 1.1% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 52,519 shares of the basic materials company’s stock worth $2,807,000 after purchasing an additional 553 shares during the period. Tyler Stone Wealth Management raised its holdings in Newmont by 102.9% in the 3rd quarter. Tyler Stone Wealth Management now owns 11,196 shares of the basic materials company’s stock worth $598,000 after purchasing an additional 5,678 shares during the period. Baker Avenue Asset Management LP acquired a new position in Newmont in the 3rd quarter worth about $214,000. Finally, Legacy Capital Wealth Partners LLC acquired a new position in Newmont in the 3rd quarter worth about $211,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction 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 $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,000 shares of company stock worth $2,444,440. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

NEM stock opened at $42.34 on Tuesday. The firm has a market capitalization of $48.20 billion, a PE ratio of -27.86, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. 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. The business has a 50 day simple moving average of $52.17 and a 200-day simple moving average of $47.46.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $4.61 billion during 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 was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 earnings per share. Equities research analysts anticipate that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.36%. Newmont’s payout ratio is -65.79%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NEM. Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Royal Bank of Canada reduced their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, August 29th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $59.00 to $55.00 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

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.