Oppenheimer & Close LLC Reduces Holdings in Newmont Co. (NYSE:NEM)

Oppenheimer & Close LLC decreased its position in Newmont Co. (NYSE:NEM) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,405 shares of the basic materials company’s stock after selling 1,180 shares during the period. Newmont accounts for approximately 1.9% of Oppenheimer & Close LLC’s investment portfolio, making the stock its 20th largest position. Oppenheimer & Close LLC’s holdings in Newmont were worth $2,323,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NEM. Avior Wealth Management LLC grew its stake in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Newmont in the 3rd quarter valued at approximately $28,000. HHM Wealth Advisors LLC grew its stake in shares of Newmont by 66.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after buying an additional 350 shares during the period. Promus Capital LLC purchased a new stake in shares of Newmont in the 4th quarter valued at approximately $38,000. Finally, McIlrath & Eck LLC grew its stake in shares of Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after buying an additional 361 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $47.23 on Friday. Newmont Co. has a twelve month low of $33.86 and a twelve month high of $58.72. The firm’s fifty day simple moving average is $44.10 and its 200-day simple moving average is $45.58. The firm has a market capitalization of $53.22 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 0.41 and a beta of 0.54. 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 (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. Equities analysts forecast that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. Newmont’s payout ratio is 34.13%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. TD Securities lowered their price objective on shares of Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, February 26th. StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. CLSA assumed coverage on shares of Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. Royal Bank of Canada increased their price objective on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 11th. Finally, Raymond James lowered their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.16.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $90,785.67. Following the transaction, the director now directly owns 47,916 shares of the company’s stock, valued at $2,094,408.36. This trade represents a 4.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total transaction of $131,130.00. Following the completion of the transaction, the executive vice president now directly owns 86,526 shares in the company, valued at $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,231 shares of company stock valued at $1,388,758 in the last ninety days. Insiders own 0.06% of the company’s stock.

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.