Empirical Finance LLC Boosts Stock Holdings in Newmont Co. (NYSE:NEM)

Empirical Finance LLC grew its position in Newmont Co. (NYSE:NEM) by 4.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 29,746 shares of the basic materials company’s stock after purchasing an additional 1,354 shares during the period. Empirical Finance LLC’s holdings in Newmont were worth $1,590,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Hoese & Co LLP purchased a new stake in Newmont in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont in the 3rd quarter worth approximately $32,000. Meeder Asset Management Inc. bought a new position in shares of Newmont in the second quarter valued at approximately $27,000. LRI Investments LLC purchased a new stake in shares of Newmont during the first quarter valued at approximately $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in Newmont during the third quarter worth $48,000. 68.85% of the stock is owned by institutional investors.

Newmont Stock Up 0.6 %

NEM stock opened at $40.91 on Friday. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The stock has a market cap of $46.57 billion, a price-to-earnings ratio of -26.91, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $51.11 and its 200 day moving average is $47.35.

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). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the previous year, the company earned $0.36 EPS. Newmont’s quarterly revenue was up 84.7% on a year-over-year basis. Sell-side analysts predict that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were 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 directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NEM shares. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Royal Bank of Canada lowered 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. Raymond James increased their target price on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Nine 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.14.

Newmont 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.