Prime Capital Investment Advisors LLC Sells 14,070 Shares of Newmont Co. (NYSE:NEM)

Prime Capital Investment Advisors LLC lessened its stake in shares of Newmont Co. (NYSE:NEM) by 40.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,500 shares of the basic materials company’s stock after selling 14,070 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Newmont were worth $1,096,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NEM. Raymond James upped their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. BMO Capital Markets upped their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Bernstein Bank upped their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday. Finally, Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $54.14.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the 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 $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $40.67 on Friday. The business’s 50-day moving average is $51.52 and its two-hundred day moving average is $47.41. The company has a market capitalization of $46.30 billion, a P/E ratio of -26.76, a P/E/G ratio of 0.34 and a beta of 0.51. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

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

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. Newmont’s payout ratio is -65.79%.

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.