Riggs Asset Managment Co. Inc. Takes $5.40 Million Position in Newmont Co. (NYSE:NEM)

Riggs Asset Managment Co. Inc. acquired a new position in shares of Newmont Co. (NYSE:NEM) during the third quarter, HoldingsChannel.com reports. The firm acquired 100,997 shares of the basic materials company’s stock, valued at approximately $5,398,000. Newmont makes up approximately 1.5% of Riggs Asset Managment Co. Inc.’s portfolio, making the stock its 26th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after acquiring an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp raised its stake in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Legal & General Group Plc boosted its holdings in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after purchasing an additional 109,084 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after buying an additional 545,903 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Newmont by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after buying an additional 313,736 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, 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 completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $48.42 on Monday. The firm has a market capitalization of $55.56 billion, a price-to-earnings ratio of -22.84, a PEG ratio of 0.49 and a beta of 0.50. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $53.39 and its 200-day simple moving average is $46.93. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72.

Newmont (NYSE:NEM) last announced 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). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. Equities analysts forecast that Newmont Co. will post 3.07 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared 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 is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.07%. Newmont’s dividend payout ratio (DPR) is presently -47.17%.

Analyst Ratings Changes

NEM has been the subject of several analyst reports. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Royal Bank of Canada decreased their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Finally, UBS Group lifted their target price on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $54.85.

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.