Hourglass Capital LLC Reduces Position in Newmont Co. (NYSE:NEM)

Hourglass Capital LLC trimmed its stake in Newmont Co. (NYSE:NEM) by 30.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 179,405 shares of the basic materials company’s stock after selling 79,935 shares during the quarter. Newmont accounts for 2.7% of Hourglass Capital LLC’s portfolio, making the stock its 3rd biggest holding. Hourglass Capital LLC’s holdings in Newmont were worth $9,589,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Hoese & Co LLP bought a new stake in Newmont in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new stake in Newmont in the third quarter worth $32,000. Meeder Asset Management Inc. bought a new stake in Newmont in the second quarter worth $27,000. LRI Investments LLC bought a new stake in Newmont in the first quarter worth $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in Newmont in the third quarter worth $48,000. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NEM shares. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Raymond James upped their price target on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Scotiabank downgraded 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 report on Friday, October 25th. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Finally, Bernstein Bank upped their price target on Newmont from $55.00 to $58.00 in a report on Monday. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 directly owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents 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 over the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Down 0.8 %

Newmont stock opened at $41.23 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. The stock has a fifty day moving average of $51.73 and a 200 day moving average of $47.45. The stock has a market cap of $46.94 billion, a PE ratio of -27.12, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. Newmont Co. has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. As a group, sell-side analysts predict that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

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.