Newmont Co. (NYSE:NEM) is Palouse Capital Management Inc.’s 4th Largest Position

Palouse Capital Management Inc. boosted its holdings in Newmont Co. (NYSE:NEM) by 6.0% in the 1st quarter, Holdings Channel reports. The firm owned 91,543 shares of the basic materials company’s stock after purchasing an additional 5,149 shares during the period. Newmont accounts for about 3.0% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Palouse Capital Management Inc.’s holdings in Newmont were worth $4,420,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SOA Wealth Advisors LLC. raised its position in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 201 shares during the last quarter. Nexus Investment Management ULC purchased a new position in Newmont during the 1st quarter worth $31,000. Redwood Park Advisors LLC purchased a new position in Newmont during the 4th quarter worth $37,000. Promus Capital LLC purchased a new position in Newmont during the 4th quarter worth $38,000. Finally, Kestra Investment Management LLC purchased a new position in Newmont during the 4th quarter worth $43,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $112,344.93. Following the sale, the director now directly owns 45,180 shares of the company’s stock, valued at $2,443,786.20. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president now directly owns 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,154 shares of company stock valued at $381,539. Insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Scotiabank restated a “sector perform” rating on shares of Newmont in a research report on Monday, April 14th. TD Securities cut their price objective on shares of Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, February 26th. Argus set a $63.00 price objective on shares of Newmont in a research report on Friday, April 25th. Royal Bank of Canada upped their price objective on shares of Newmont from $52.00 to $66.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 4th. Finally, Wall Street Zen upgraded shares of Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.68.

Newmont Price Performance

Shares of NYSE NEM opened at $57.87 on Friday. The stock has a market cap of $64.41 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 0.41 and a beta of 0.31. Newmont Co. has a 52 week low of $36.86 and a 52 week high of $58.72. The company’s 50-day moving average price is $53.00 and its 200 day moving average price is $46.38. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 17.92% and a return on equity of 13.52%. During the same period in the prior year, the company earned $0.55 EPS. As a group, research analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. Newmont’s payout ratio is 22.42%.

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.