Pitcairn Co. Cuts Stake in Newmont Co. (NYSE:NEM)

Pitcairn Co. lessened its stake in Newmont Co. (NYSE:NEM) by 20.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,124 shares of the basic materials company’s stock after selling 1,069 shares during the quarter. Pitcairn Co.’s holdings in Newmont were worth $220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NEM. Kingsview Wealth Management LLC bought a new position in shares of Newmont in the third quarter worth approximately $911,000. Cerity Partners LLC raised its holdings in Newmont by 49.3% in the 3rd quarter. Cerity Partners LLC now owns 58,535 shares of the basic materials company’s stock worth $3,129,000 after acquiring an additional 19,321 shares during the last quarter. Waddell & Associates LLC lifted its position in Newmont by 16.6% in the 3rd quarter. Waddell & Associates LLC now owns 7,773 shares of the basic materials company’s stock valued at $415,000 after acquiring an additional 1,104 shares in the last quarter. Nwam LLC purchased a new stake in Newmont during the 3rd quarter valued at $440,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of Newmont in the 3rd quarter worth $678,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on NEM shares. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Bernstein Bank boosted their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Raymond James dropped their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Eight 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.31.

Newmont Stock Up 0.1 %

NYSE NEM opened at $42.04 on Thursday. The stock’s 50-day moving average price is $49.57 and its 200-day moving average price is $47.47. The company has a market capitalization of $47.86 billion, a P/E ratio of -27.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. 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 Co. has a 52 week low of $29.42 and a 52 week high of $58.72.

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

Newmont Dividend Announcement

The company also recently announced 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. This represents a $1.00 annualized dividend and a yield of 2.38%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction 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 $4,963,452.12. This trade represents a 3.07 % decrease in their position. The sale was disclosed in a 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 shares were 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 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 quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

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.