Palouse Capital Management Inc. Decreases Holdings in Newmont Corporation $NEM

Palouse Capital Management Inc. trimmed its holdings in Newmont Corporation (NYSE:NEM) by 64.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 32,021 shares of the basic materials company’s stock after selling 57,084 shares during the quarter. Newmont accounts for about 1.7% of Palouse Capital Management Inc.’s holdings, making the stock its 22nd biggest holding. Palouse Capital Management Inc.’s holdings in Newmont were worth $2,700,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Concord Wealth Partners boosted its position in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after buying an additional 385 shares during the period. Evermay Wealth Management LLC lifted its stake in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 400 shares during the last quarter. Capital A Wealth Management LLC boosted its holdings in Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares during the period. Caldwell Trust Co bought a new position in Newmont during the 2nd quarter worth approximately $31,000. Finally, Country Trust Bank purchased a new position in Newmont in the 2nd quarter worth approximately $32,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $106.90 on Friday. Newmont Corporation has a fifty-two week low of $38.53 and a fifty-two week high of $109.30. The stock’s 50 day simple moving average is $93.78 and its two-hundred day simple moving average is $80.23. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock has a market cap of $116.66 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 0.84 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company earned $0.81 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,160 shares of company stock worth $767,206. Company insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NEM shares. CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a research note on Friday, October 10th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Bank of America upped their price objective on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $97.08.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.