Envestnet Asset Management Inc. Cuts Stock Position in Newmont Co. (NYSE:NEM)

Envestnet Asset Management Inc. trimmed its holdings in shares of Newmont Co. (NYSE:NEM) by 64.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 203,203 shares of the basic materials company’s stock after selling 360,573 shares during the period. Envestnet Asset Management Inc.’s holdings in Newmont were worth $7,563,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. McIlrath & Eck LLC boosted its position in Newmont by 80.6% during the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock worth $43,000 after acquiring an additional 361 shares during the last quarter. Virtu Financial LLC grew its holdings in Newmont by 183.2% in the third quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company’s stock valued at $1,237,000 after purchasing an additional 14,967 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Newmont during the third quarter worth approximately $422,000. Cim Investment Management Inc. purchased a new position in Newmont during the third quarter worth approximately $1,033,000. Finally, Tidal Investments LLC grew its stake in shares of Newmont by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company’s stock valued at $8,749,000 after buying an additional 8,412 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 1.6 %

NEM stock opened at $55.08 on Monday. The company has a market capitalization of $62.08 billion, a price-to-earnings ratio of 18.80, a price-to-earnings-growth 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 Co. has a 52 week low of $36.60 and a 52 week high of $58.72. The firm’s 50-day moving average is $47.14 and its two-hundred day moving average is $45.02.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) 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. On average, analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 1.82%. Newmont’s dividend payout ratio is currently 34.13%.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. National Bank Financial raised shares of Newmont to a “hold” rating in a research report on Friday, March 21st. BMO Capital Markets initiated coverage on Newmont in a research note on Wednesday, April 16th. They issued an “outperform” rating and a $63.00 price target for the company. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and upped their price objective for the company from $50.00 to $60.00 in a research note on Friday, April 11th. StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Finally, Scotiabank reissued a “sector perform” rating on shares of Newmont in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.02.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $89,082.53. Following the completion of the transaction, the director now directly owns 49,993 shares in the company, valued at approximately $2,144,199.77. The trade was a 3.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total transaction of $386,010.00. Following the completion of the sale, the chief operating officer now owns 136,967 shares in the company, valued at $5,874,514.63. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,154 shares of company stock valued at $825,678. Corporate insiders own 0.05% of the company’s stock.

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.