The Manufacturers Life Insurance Company Sells 19,637 Shares of Newmont Co. (NYSE:NEM)

The Manufacturers Life Insurance Company lessened its stake in shares of Newmont Co. (NYSE:NEM) by 2.3% during the 3rd quarter, Holdings Channel reports. The fund owned 841,779 shares of the basic materials company’s stock after selling 19,637 shares during the period. The Manufacturers Life Insurance Company’s holdings in Newmont were worth $44,993,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of NEM. LRI Investments LLC bought a new stake in Newmont during the 1st quarter valued at $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont during the 2nd quarter valued at $25,000. Meeder Asset Management Inc. bought a new stake in Newmont during the 2nd quarter valued at $27,000. Hoese & Co LLP bought a new stake in Newmont during the 3rd quarter valued at $27,000. Finally, Avior Wealth Management LLC boosted its position in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated 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 approximately $14,607,746.89. This trade represents a 6.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $42.04 on Friday. The firm has a market capitalization of $47.86 billion, a price-to-earnings ratio of -27.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The business has a fifty day moving average of $49.35 and a 200 day moving average of $47.43. 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. As a group, research analysts expect that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.38%. Newmont’s payout ratio is currently -65.79%.

Analysts Set New Price Targets

Several analysts have issued reports on NEM shares. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the company from $59.00 to $55.00 in a research report on Friday, October 25th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Bernstein Bank increased their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Royal Bank of Canada decreased their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Finally, Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Eight investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.