Palouse Capital Management Inc. Has $4.90 Million Stock Holdings in Newmont Co. (NYSE:NEM)

Palouse Capital Management Inc. decreased its position in shares of Newmont Co. (NYSE:NEM) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 91,611 shares of the basic materials company’s stock after selling 3,341 shares during the quarter. Newmont makes up 3.1% of Palouse Capital Management Inc.’s holdings, making the stock its 2nd largest holding. Palouse Capital Management Inc.’s holdings in Newmont were worth $4,897,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in shares of Newmont in the 1st quarter worth $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont in the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont during the second quarter worth about $27,000. Hoese & Co LLP acquired a new position in shares of Newmont during the third quarter valued at about $27,000. Finally, Heritage Wealth Advisors boosted its stake in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,000 shares of company stock worth $3,434,640. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NEM shares. Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Five investment 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.46.

Newmont Price Performance

Shares of NYSE NEM traded down $0.02 during mid-day trading on Monday, reaching $57.60. The company’s stock had a trading volume of 5,319,137 shares, compared to its average volume of 10,139,902. The stock has a market capitalization of $66.42 billion, a P/E ratio of -21.58, a P/E/G ratio of 0.43 and a beta of 0.50. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.71. The stock has a 50-day moving average of $52.88 and a two-hundred day moving average of $46.39. 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 (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the firm earned $0.33 EPS. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, equities research analysts anticipate that Newmont Co. will post 3.1 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

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.