KG&L Capital Management LLC Reduces Stock Holdings in Newmont Co. (NYSE:NEM)

KG&L Capital Management LLC lowered its position in Newmont Co. (NYSE:NEM) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,451 shares of the basic materials company’s stock after selling 300 shares during the quarter. KG&L Capital Management LLC’s holdings in Newmont were worth $452,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NEM. Hoese & Co LLP acquired a new stake in shares of Newmont during the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in Newmont in the 3rd quarter worth about $32,000. Meeder Asset Management Inc. acquired a new stake in Newmont in the 2nd quarter worth about $27,000. LRI Investments LLC acquired a new stake in Newmont in the 1st quarter worth about $25,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Newmont in the 3rd quarter worth about $48,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 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 $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock worth $2,444,440 in the last three months. 0.06% of the stock is owned by insiders.

Newmont Stock Performance

Shares of NYSE:NEM opened at $45.76 on Tuesday. The company has a market cap of $52.10 billion, a P/E ratio of -30.11, a PEG ratio of 0.38 and a beta of 0.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. The business’s 50-day simple moving average is $52.78 and its 200 day simple moving average is $47.27.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. On average, sell-side analysts forecast that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.19%. Newmont’s dividend payout ratio is presently -65.79%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Raymond James raised their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $53.85.

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.