Newmont Co. (NYSE:NEM) Position Trimmed by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC lessened its stake in shares of Newmont Co. (NYSE:NEM) by 6.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 35,031 shares of the basic materials company’s stock after selling 2,387 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Newmont were worth $1,691,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in NEM. Nexus Investment Management ULC purchased a new stake in shares of Newmont during the first quarter worth $31,000. Redwood Park Advisors LLC bought a new stake in Newmont in the fourth quarter worth $37,000. Promus Capital LLC acquired a new position in Newmont during the fourth quarter worth $38,000. Kestra Investment Management LLC bought a new position in Newmont during the fourth quarter valued at about $43,000. Finally, Assetmark Inc. lifted its position in shares of Newmont by 185.9% in the fourth 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 owned by hedge funds and other institutional investors.

Newmont Stock Down 3.9%

Shares of NEM opened at $52.36 on Monday. 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 company has a 50-day simple moving average of $52.16 and a 200-day simple moving average of $46.01. Newmont Co. has a 52 week low of $36.86 and a 52 week high of $58.72. The firm has a market capitalization of $58.28 billion, a P/E ratio of 17.87, a P/E/G ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last issued its quarterly 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. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company posted $0.55 earnings per share. On average, equities research analysts expect that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced 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 dividend yield of 1.91%. Newmont’s payout ratio is 22.42%.

Analysts Set New Price Targets

A number of research analysts have recently commented on NEM shares. National Bank Financial raised Newmont to a “hold” rating in a report on Friday, March 21st. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their price target for the company from $50.00 to $60.00 in a research report on Friday, April 11th. Argus set a $63.00 price objective on shares of Newmont in a report on Friday, April 25th. Scotiabank reiterated a “sector perform” rating on shares of Newmont in a research note on Monday, April 14th. Finally, Raymond James reiterated an “outperform” rating and issued a $66.00 target price on shares of Newmont in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.68.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $51.48, for a total value of $106,923.96. Following the completion of the sale, the director now owns 47,257 shares in the company, valued at approximately $2,432,790.36. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,154 shares of company stock valued at $381,539 over the last ninety days. 0.05% of the stock is owned by company 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.