Formidable Asset Management LLC Sells 15,951 Shares of Newmont Co. (NYSE:NEM)

Formidable Asset Management LLC trimmed its holdings in shares of Newmont Co. (NYSE:NEM) by 34.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 30,365 shares of the basic materials company’s stock after selling 15,951 shares during the period. Formidable Asset Management LLC’s holdings in Newmont were worth $1,130,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. HHM Wealth Advisors LLC grew its holdings in shares of Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 350 shares in the last quarter. Redwood Park Advisors LLC bought a new stake in Newmont during the fourth quarter valued at approximately $37,000. Promus Capital LLC purchased a new position in Newmont in the 4th quarter worth approximately $38,000. Kestra Investment Management LLC purchased a new position in Newmont in the 4th quarter worth approximately $43,000. Finally, Assetmark Inc. increased its holdings in shares of Newmont by 185.9% in the 4th quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company’s stock worth $47,000 after buying an additional 820 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NEM. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $50.00 to $60.00 in a report on Friday, April 11th. Argus set a $63.00 price target on Newmont in a research note on Friday, April 25th. Scotiabank reiterated a “sector perform” rating on shares of Newmont in a report on Monday, April 14th. National Bankshares reissued a “sector perform” rating on shares of Newmont in a report on Wednesday, April 23rd. Finally, Raymond James reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Newmont in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.52.

Newmont Trading Up 2.1%

NEM opened at $53.75 on Friday. Newmont Co. has a one year low of $36.86 and a one year high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The business has a 50 day simple moving average of $50.96 and a two-hundred day simple moving average of $45.21. The firm has a market capitalization of $59.82 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.54. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. During the same period in the previous year, the firm earned $0.55 earnings per share. Analysts predict that Newmont Co. will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Tuesday, May 27th. Newmont’s payout ratio is currently 22.42%.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $43.71, for a total transaction of $90,785.67. Following the transaction, the director now owns 47,916 shares in the company, valued at $2,094,408.36. The trade was a 4.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the completion of the transaction, the executive vice president now directly owns 86,526 shares of the company’s stock, valued at approximately $3,782,051.46. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,154 shares of company stock worth $328,840. 0.05% of the stock is currently owned by corporate insiders.

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.