Successful Portfolios LLC Decreases Holdings in Newmont Co. (NYSE:NEM)

Successful Portfolios LLC decreased its position in shares of Newmont Co. (NYSE:NEM) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,909 shares of the basic materials company’s stock after selling 245 shares during the quarter. Successful Portfolios LLC’s holdings in Newmont were worth $316,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Hoese & Co LLP purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $27,000. UMB Bank n.a. raised its position in shares of Newmont by 21.1% during the 3rd quarter. UMB Bank n.a. now owns 3,750 shares of the basic materials company’s stock worth $200,000 after purchasing an additional 654 shares during the last quarter. Cadinha & Co. LLC acquired a new position in shares of Newmont during the 3rd quarter worth approximately $17,916,000. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Newmont during the 3rd quarter worth approximately $357,000. Finally, Wedmont Private Capital raised its position in shares of Newmont by 28.2% during the 3rd quarter. Wedmont Private Capital now owns 9,618 shares of the basic materials company’s stock worth $510,000 after purchasing an additional 2,118 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 1.6 %

Newmont stock traded up $0.86 during trading on Friday, reaching $54.26. 1,955,691 shares of the company’s stock were exchanged, compared to its average volume of 10,232,848. The company’s 50-day moving average is $51.88 and its two-hundred day moving average is $45.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $56.30. The firm has a market cap of $62.26 billion, a price-to-earnings ratio of -25.19, a PEG ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the company earned $0.33 EPS. The firm’s revenue was up 64.1% on a year-over-year basis. On average, analysts predict that Newmont Co. will post 3.1 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. Newmont’s payout ratio is currently -47.17%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NEM. BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. UBS Group lifted their price objective on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.31.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $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 66,000 shares of company stock valued at $3,434,640 in the last ninety days. Insiders own 0.06% of the company’s stock.

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.