Larson Financial Group LLC Lowers Stock Position in Newmont Co. (NYSE:NEM)

Larson Financial Group LLC lowered its position in shares of Newmont Co. (NYSE:NEM) by 39.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,367 shares of the basic materials company’s stock after selling 2,202 shares during the period. Larson Financial Group LLC’s holdings in Newmont were worth $180,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NEM. LRI Investments LLC purchased a new position in Newmont during the first quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Newmont in the 2nd quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont in the 2nd quarter worth about $27,000. Hoese & Co LLP purchased a new position in shares of Newmont in the 3rd quarter worth about $27,000. Finally, Avior Wealth Management LLC raised its position in shares of Newmont by 191.8% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.1 %

Newmont stock opened at $42.04 on Thursday. The business has a 50-day simple moving average of $49.57 and a two-hundred day simple moving average of $47.47. The company has a market cap of $47.86 billion, a P/E ratio of -27.66, a P/E/G ratio of 0.37 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 quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last released its quarterly 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). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. 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 firm earned $0.36 earnings per share. Analysts predict that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.38%. Newmont’s payout ratio is currently -65.79%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated 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 transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 6.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,444,440 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of several recent analyst reports. Raymond James lowered their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Eight 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Company 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.