Larson Financial Group LLC Lowers Stock Holdings in Newmont Co. (NYSE:NEM)

Larson Financial Group LLC trimmed its position in Newmont Co. (NYSE:NEM) by 39.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,367 shares of the basic materials company’s stock after selling 2,202 shares during the quarter. Larson Financial Group LLC’s holdings in Newmont were worth $180,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NEM. Maj Invest Holding A S lifted its holdings in shares of Newmont by 296.0% in the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after buying an additional 2,561,823 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after purchasing an additional 1,096,905 shares during the last quarter. National Bank of Canada FI increased its position in shares of Newmont by 47.7% in the second quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after purchasing an additional 1,088,742 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Newmont by 29.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after purchasing an additional 1,074,623 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 0.1 %

Shares of Newmont stock opened at $42.04 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The stock has a market capitalization of $47.86 billion, a price-to-earnings ratio of -27.66, a P/E/G ratio of 0.37 and a beta of 0.51. The company’s 50 day moving average price is $49.57 and its 200-day moving average price is $47.47.

Newmont (NYSE:NEM) last issued its 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business posted $0.36 EPS. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. Equities research analysts forecast that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 yield of 2.38%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NEM shares. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Bernstein Bank upped their price objective on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the firm’s 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. This trade represents a 3.07 % decrease in their ownership of the stock. The sale 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 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 directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 6.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 over the last quarter. 0.06% of the stock is owned by company insiders.

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.