Intellectus Partners LLC Reduces Stake in Newmont Co. (NYSE:NEM)

Intellectus Partners LLC lowered its stake in shares of Newmont Co. (NYSE:NEM) by 10.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,097 shares of the basic materials company’s stock after selling 6,286 shares during the quarter. Newmont comprises 0.8% of Intellectus Partners LLC’s portfolio, making the stock its 29th largest position. Intellectus Partners LLC’s holdings in Newmont were worth $2,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in Newmont in the first quarter worth $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont during the 2nd quarter valued at $25,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont in the 2nd quarter worth about $27,000. Hoese & Co LLP bought a new position in shares of Newmont in the 3rd quarter worth about $27,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Newmont during the third quarter valued at approximately $32,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent research reports. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. BMO Capital Markets upped their target price 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. Raymond James raised their price target on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Finally, Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Price Performance

NEM opened at $40.67 on Friday. The company has a 50 day simple moving average of $51.52 and a two-hundred day simple moving average of $47.41. 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 Co. has a 1-year low of $29.42 and a 1-year high of $58.72.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the company posted $0.36 EPS. The company’s quarterly revenue was up 84.7% on a year-over-year basis. As a group, equities analysts anticipate that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.46%. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 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 transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at $4,963,452.12. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

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.