Newmont Co. (NYSE:NEM) Stock Position Lowered by KG&L Capital Management LLC

KG&L Capital Management LLC lessened its position in Newmont Co. (NYSE:NEM) by 3.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,451 shares of the basic materials company’s stock after selling 300 shares during the period. KG&L Capital Management LLC’s holdings in Newmont were worth $452,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in shares of Newmont during the first quarter worth $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont during the second quarter worth $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the second quarter worth $27,000. Hoese & Co LLP acquired a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the third quarter worth $32,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

NEM opened at $45.76 on Tuesday. The company has a market cap of $52.10 billion, a PE ratio of -30.11, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The stock has a 50-day moving average of $52.78 and a 200-day moving average of $47.27. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. 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 (NYSE:NEM) last released its quarterly 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). The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s revenue was up 84.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 EPS. As a group, equities research analysts forecast that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.19%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NEM shares. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. BMO Capital Markets upped their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Royal Bank of Canada dropped their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.85.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the 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 owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last 90 days. 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.