Bangor Savings Bank Reduces Holdings in Newmont Co. (NYSE:NEM)

Bangor Savings Bank reduced its stake in Newmont Co. (NYSE:NEM) by 8.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,125 shares of the basic materials company’s stock after selling 1,348 shares during the period. Bangor Savings Bank’s holdings in Newmont were worth $526,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Strategic Financial Concepts LLC purchased a new position in shares of Newmont in the second quarter worth $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont in the second quarter valued at about $27,000. Hoese & Co LLP bought a new position in shares of Newmont during the third quarter valued at about $27,000. Avior Wealth Management LLC boosted its holdings in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the period. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Newmont during the third quarter worth about $28,000. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

NEM has been the subject of a number of recent analyst reports. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Royal Bank of Canada reduced 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. Finally, Jefferies Financial Group raised their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Transactions at Newmont

In other news, Director Harry M. Iv Conger acquired 9,498 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $37.72 on Tuesday. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $42.94 billion, a P/E ratio of -24.82, a PEG ratio of 0.35 and a beta of 0.50. The stock’s 50 day moving average is $41.34 and its 200 day moving average is $47.02.

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 company had revenue of $4.61 billion for the quarter, compared to the consensus estimate 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 was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, equities research analysts predict that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.65%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

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.