Thrivent Financial for Lutherans Increases Position in Newmont Co. (NYSE:NEM)

Thrivent Financial for Lutherans increased its stake in shares of Newmont Co. (NYSE:NEM) by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,287 shares of the basic materials company’s stock after buying an additional 8,449 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Newmont were worth $4,775,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Claro Advisors LLC purchased a new position in shares of Newmont in the 3rd quarter valued at approximately $211,000. Concord Asset Management LLC VA grew its position in Newmont by 6.3% in the 3rd quarter. Concord Asset Management LLC VA now owns 6,952 shares of the basic materials company’s stock valued at $372,000 after buying an additional 410 shares during the last quarter. Natixis Advisors LLC increased its stake in Newmont by 35.7% in the 3rd quarter. Natixis Advisors LLC now owns 163,940 shares of the basic materials company’s stock valued at $8,763,000 after buying an additional 43,153 shares during the period. Empirical Finance LLC raised its position in Newmont by 4.8% during the 3rd quarter. Empirical Finance LLC now owns 29,746 shares of the basic materials company’s stock worth $1,590,000 after buying an additional 1,354 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Newmont in the 3rd quarter worth $267,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of a number of recent analyst reports. Bernstein Bank increased their price target on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Jefferies Financial Group increased their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Eight equities 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.85.

Newmont Price Performance

NEM stock opened at $43.38 on Friday. 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 stock’s 50 day moving average price is $50.23 and its 200 day moving average price is $47.47. The firm has a market cap of $49.39 billion, a P/E ratio of -28.54, a PEG ratio of 0.37 and a beta of 0.51. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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 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 analyst estimates of $4.67 billion. During the same period in the previous year, the business earned $0.36 EPS. The firm’s revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts expect 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. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by insiders.

Newmont 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.