Leisure Capital Management Trims Position in Newmont Co. (NYSE:NEM)

Leisure Capital Management lowered its stake in shares of Newmont Co. (NYSE:NEM) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,437 shares of the basic materials company’s stock after selling 2,855 shares during the period. Leisure Capital Management’s holdings in Newmont were worth $929,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in NEM. Vanguard Group Inc. raised its holdings in shares of Newmont by 17.6% in the 3rd quarter. Vanguard Group Inc. now owns 82,578,928 shares of the basic materials company’s stock worth $3,051,291,000 after purchasing an additional 12,360,775 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Newmont by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock worth $628,278,000 after purchasing an additional 483,377 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Newmont by 5.7% during the third quarter. Northern Trust Corp now owns 10,316,723 shares of the basic materials company’s stock worth $381,203,000 after purchasing an additional 554,513 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Newmont by 5.8% during the third quarter. Invesco Ltd. now owns 7,827,670 shares of the basic materials company’s stock worth $289,232,000 after purchasing an additional 428,537 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Newmont by 0.5% during the third quarter. Legal & General Group Plc now owns 6,470,393 shares of the basic materials company’s stock worth $239,205,000 after purchasing an additional 34,651 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM stock traded down $0.68 on Friday, hitting $42.73. 14,689,213 shares of the stock traded hands, compared to its average volume of 14,308,821. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 0.98. The company has a market capitalization of $49.26 billion, a PE ratio of -16.00, a PEG ratio of 1.11 and a beta of 0.50. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $50.18. The company’s fifty day moving average is $35.54 and its 200 day moving average is $36.95.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue was up 50.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. On average, equities research analysts predict that Newmont Co. will post 2.16 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio is currently -37.45%.

Wall Street Analyst Weigh In

A number of brokerages have commented on NEM. Scotiabank reduced their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Argus cut Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. TD Securities boosted their price objective on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research note on Friday. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Jefferies Financial Group began coverage on Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

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.