Minneapolis Portfolio Management Group LLC Has $35.96 Million Stake in Newmont Co. (NYSE:NEM)

Minneapolis Portfolio Management Group LLC lessened its holdings in Newmont Co. (NYSE:NEM) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 672,759 shares of the basic materials company’s stock after selling 18,155 shares during the quarter. Newmont accounts for approximately 4.7% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its 7th biggest position. Minneapolis Portfolio Management Group LLC owned about 0.06% of Newmont worth $35,959,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on NEM shares. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $59.00 to $55.00 in a report on Friday, October 25th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $54.00 in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Trading Down 0.4 %

Shares of NYSE NEM traded down $0.18 during trading hours on Friday, hitting $45.26. The company’s stock had a trading volume of 11,048,999 shares, compared to its average volume of 10,748,931. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The business has a 50-day simple moving average of $52.91 and a 200-day simple moving average of $47.16. The stock has a market cap of $51.53 billion, a price-to-earnings ratio of -29.78, a P/E/G ratio of 0.38 and a beta of 0.52.

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 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 analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, analysts anticipate that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on 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 owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Peter Toth sold 3,000 shares of the company’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 transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

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.