Empire Life Investments Inc. Sells 10,999 Shares of Newmont Co. (NYSE:NEM)

Empire Life Investments Inc. decreased its position in Newmont Co. (NYSE:NEM) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 868,749 shares of the basic materials company’s stock after selling 10,999 shares during the period. Newmont comprises approximately 2.8% of Empire Life Investments Inc.’s holdings, making the stock its 6th largest holding. Empire Life Investments Inc. owned 0.08% of Newmont worth $46,435,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. LRI Investments LLC acquired a new position in shares of Newmont in the first quarter valued at $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont in the 2nd quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in shares of Newmont in the 2nd quarter valued at $27,000. Hoese & Co LLP bought a new position in shares of Newmont during the 3rd quarter worth about $27,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at about $32,000. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on NEM. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Scotiabank downgraded shares of 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 research note on Friday, October 25th. Nine research 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.85.

Newmont Stock Down 0.4 %

Shares of NYSE:NEM opened at $45.26 on Friday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The firm has a market cap of $51.53 billion, a P/E ratio of -29.78, a P/E/G ratio of 0.38 and a beta of 0.52. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $52.91 and its two-hundred day moving average price is $47.16.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate 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 company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period last year, the company earned $0.36 earnings per share. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, research analysts forecast that Newmont Co. will post 3.12 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced 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 of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. Newmont’s payout ratio is currently -65.79%.

Insider Transactions at Newmont

In related 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 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 $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on 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 sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 over the last 90 days. 0.06% of the stock is owned by insiders.

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.