BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 27,792 Shares of Newmont Co. (NYSE:NEM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of Newmont Co. (NYSE:NEM) by 12.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 192,398 shares of the basic materials company’s stock after selling 27,792 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Newmont were worth $10,284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Maj Invest Holding A S increased its holdings in Newmont by 296.0% in the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after buying an additional 2,561,823 shares in the last quarter. Van ECK Associates Corp increased its holdings in Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after buying an additional 1,289,084 shares in the last quarter. FMR LLC increased its holdings in Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after buying an additional 1,096,905 shares in the last quarter. Finally, National Bank of Canada FI increased its holdings in Newmont by 47.7% in the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after buying an additional 1,088,742 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Down 0.2 %

NEM stock opened at $41.94 on Monday. Newmont Co. has a twelve month low of $29.42 and a twelve month 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. The stock has a market cap of $47.75 billion, a P/E ratio of -27.59, a PEG ratio of 0.36 and a beta of 0.51. The business’s 50-day moving average price is $49.09 and its 200-day moving average price is $47.49.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. On average, equities research analysts forecast that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued 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 2.38%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 of the company’s stock, valued at $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on 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 approximately $14,607,746.89. The trade was a 6.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the subject of several research analyst reports. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Finally, CLSA initiated coverage on Newmont in a research note on Friday. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.