Formidable Asset Management LLC Cuts Position in Newmont Co. (NYSE:NEM)

Formidable Asset Management LLC trimmed its position in Newmont Co. (NYSE:NEM - Free Report) by 34.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,365 shares of the basic materials company's stock after selling 15,951 shares during the period. Formidable Asset Management LLC's holdings in Newmont were worth $1,130,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NEM. Van ECK Associates Corp boosted its stake in shares of Newmont by 1.6% in the fourth quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company's stock valued at $1,851,606,000 after buying an additional 797,445 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Newmont by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock valued at $919,484,000 after acquiring an additional 1,213,397 shares during the period. Norges Bank purchased a new stake in shares of Newmont during the 4th quarter worth $626,074,000. Northern Trust Corp grew its stake in shares of Newmont by 11.5% during the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock worth $474,263,000 after purchasing an additional 1,309,177 shares during the period. Finally, Amundi grew its stake in shares of Newmont by 14.0% during the 4th quarter. Amundi now owns 12,302,579 shares of the basic materials company's stock worth $481,400,000 after purchasing an additional 1,507,708 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Newmont from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Cfra Research raised Newmont to a "strong-buy" rating in a research note on Friday, April 25th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a report on Wednesday, April 23rd. Finally, Raymond James reissued an "outperform" rating and issued a $66.00 target price on shares of Newmont in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.52.

Newmont Trading Down 0.3%

NYSE:NEM traded down $0.18 on Thursday, reaching $52.67. The stock had a trading volume of 4,695,569 shares, compared to its average volume of 11,867,749. Newmont Co. has a 12-month low of $36.86 and a 12-month high of $58.72. The company has a market cap of $58.63 billion, a price-to-earnings ratio of 17.97, a P/E/G ratio of 0.41 and a beta of 0.31. The firm's fifty day moving average is $51.29 and its two-hundred day moving average is $45.38. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the previous year, the business posted $0.55 earnings per share. Equities analysts expect that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is 22.42%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $51.48, for a total transaction of $106,923.96. Following the completion of the sale, the director now directly owns 47,257 shares of the company's stock, valued at $2,432,790.36. The trade was a 4.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value 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 7,154 shares of company stock worth $328,840 over the last quarter. 0.05% of the stock is currently owned by insiders.

Newmont 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.