Newmont Co. (NYSE:NEM) Position Lessened by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd reduced its stake in shares of Newmont Co. (NYSE:NEM) by 35.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,600 shares of the basic materials company’s stock after selling 18,800 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Newmont were worth $1,849,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NEM. LRI Investments LLC bought a new position in Newmont during the first quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in Newmont during the second quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in Newmont during the second quarter valued at about $27,000. Hoese & Co LLP bought a new position in Newmont during the third quarter valued at about $27,000. Finally, Highline Wealth Partners LLC bought a new position in Newmont during the third quarter valued at about $32,000. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NEM. Raymond James raised their target price on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Bernstein Bank raised their price target on Newmont from $55.00 to $58.00 in a research report on Monday. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research 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 report on Thursday, August 29th. Finally, CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $54.14.

Insider Activity

In other news, EVP Peter Toth sold 3,000 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 value of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s 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 $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’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 $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

NYSE NEM traded up $0.05 during trading on Wednesday, reaching $41.63. 3,264,148 shares of the company traded hands, compared to its average volume of 10,454,582. 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 $51.73 and its two-hundred day moving average price is $47.45. The company has a market cap of $47.39 billion, a price-to-earnings ratio of -27.36, a P/E/G ratio of 0.35 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 released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, analysts anticipate that Newmont Co. will post 3.15 EPS for the current year.

Newmont Dividend Announcement

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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

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.