Aigen Investment Management LP Cuts Position in Newmont Co. (NYSE:NEM)

Aigen Investment Management LP trimmed its holdings in shares of Newmont Co. (NYSE:NEM) by 12.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,458 shares of the basic materials company’s stock after selling 3,439 shares during the quarter. Aigen Investment Management LP’s holdings in Newmont were worth $1,307,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. LRI Investments LLC purchased a new stake in shares of Newmont during the 1st quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Newmont during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont in the 2nd quarter worth approximately $27,000. Hoese & Co LLP bought a new position in Newmont during the third quarter valued at $27,000. Finally, Highline Wealth Partners LLC purchased a new stake in Newmont in the third quarter worth $32,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Price Performance

NYSE NEM traded down $0.57 on Tuesday, reaching $41.76. 1,923,360 shares of the company’s stock traded hands, compared to its average volume of 10,431,538. The stock has a market cap of $47.54 billion, a PE ratio of -27.86, a P/E/G ratio of 0.37 and a beta of 0.51. 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 Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a 50-day simple moving average of $51.95 and a 200 day simple moving average of $47.46.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the business posted $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, research analysts predict that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The business 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 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 $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the company’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 transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last ninety days. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on NEM. Royal Bank of Canada dropped their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Raymond James lifted their price objective on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.14.

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.