Accordant Advisory Group Inc Lowers Stake in Newmont Co. (NYSE:NEM)

Accordant Advisory Group Inc lessened its position in shares of Newmont Co. (NYSE:NEM) by 33.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,716 shares of the basic materials company’s stock after selling 20,319 shares during the period. Newmont makes up 1.7% of Accordant Advisory Group Inc’s portfolio, making the stock its 19th biggest position. Accordant Advisory Group Inc’s holdings in Newmont were worth $2,123,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in Newmont during the first quarter valued at about $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont during the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont during the second quarter valued at about $27,000. Hoese & Co LLP purchased a new stake in Newmont during the third quarter valued at about $27,000. Finally, Heritage Wealth Advisors grew its position in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $58.68 on Wednesday. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. The stock has a fifty day moving average of $53.25 and a 200-day moving average of $46.67. The company has a market capitalization of $67.67 billion, a PE ratio of -21.98, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Co. will post 3.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on NEM. BMO Capital Markets boosted their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $53.46.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction 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 owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’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 $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 over the last quarter. 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.