Empirical Finance LLC Has $1.59 Million Stock Position in Newmont Co. (NYSE:NEM)

Empirical Finance LLC boosted its holdings in Newmont Co. (NYSE:NEM) by 4.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,746 shares of the basic materials company’s stock after buying an additional 1,354 shares during the quarter. Empirical Finance LLC’s holdings in Newmont were worth $1,590,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Hoese & Co LLP acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in Newmont in the third quarter valued at approximately $32,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont during the second quarter worth $27,000. LRI Investments LLC acquired a new position in shares of Newmont during the first quarter worth $25,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Newmont in the 3rd quarter valued at $48,000. Institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $40.91 on Friday. The firm has a market cap of $46.57 billion, a PE ratio of -26.91, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The business’s 50 day moving average price is $51.11 and its two-hundred day moving average price is $47.35. 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 (NYSE:NEM) last released 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 company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 EPS. On average, equities analysts anticipate that Newmont Co. will post 3.15 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. Newmont’s dividend payout ratio is presently -65.79%.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research reports. BMO Capital Markets boosted their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group raised their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Raymond James boosted their target price on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The shares were 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 directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by company insiders.

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.