Newmont Co. (NYSE:NEM) is Palouse Capital Management Inc.’s 6th Largest Position

Palouse Capital Management Inc. cut its stake in shares of Newmont Co. (NYSE:NEM) by 2.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,952 shares of the basic materials company’s stock after selling 2,645 shares during the period. Newmont comprises approximately 2.7% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 6th largest holding. Palouse Capital Management Inc.’s holdings in Newmont were worth $3,976,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in NEM. Pekin Hardy Strauss Inc. increased its position in shares of Newmont by 0.4% during the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after acquiring an additional 233 shares during the last quarter. KCM Investment Advisors LLC raised its stake in shares of Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock worth $453,000 after purchasing an additional 244 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of Newmont by 3.8% in the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after buying an additional 278 shares during the last quarter. Moody National Bank Trust Division grew its position in Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after buying an additional 296 shares during the period. Finally, Crestmont Private Wealth LLC increased its holdings in Newmont by 4.9% during the first quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock worth $246,000 after buying an additional 319 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $48.00 to $59.00 in a research note on Monday, August 19th. BNP Paribas raised Newmont to a “strong-buy” rating in a report on Friday, June 21st. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Jefferies Financial Group upped their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Stock Performance

Newmont stock opened at $53.06 on Thursday. The firm’s 50 day simple moving average is $49.84 and its 200 day simple moving average is $43.25. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $54.93. The firm has a market capitalization of $61.19 billion, a PE ratio of -19.87, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue was up 64.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 earnings per share. As a group, analysts expect that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $2,744,700 over the last three months. 0.06% of the stock is owned by insiders.

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.