Pettee Investors Inc. Sells 3,875 Shares of Newmont Co. (NYSE:NEM)

Pettee Investors Inc. lessened its stake in Newmont Co. (NYSE:NEM) by 12.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,947 shares of the basic materials company’s stock after selling 3,875 shares during the quarter. Pettee Investors Inc.’s holdings in Newmont were worth $1,040,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NEM. QRG Capital Management Inc. raised its holdings in Newmont by 3.5% during the 3rd quarter. QRG Capital Management Inc. now owns 21,005 shares of the basic materials company’s stock valued at $1,123,000 after acquiring an additional 706 shares during the period. Concurrent Investment Advisors LLC raised its holdings in Newmont by 19.2% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 27,798 shares of the basic materials company’s stock valued at $1,486,000 after acquiring an additional 4,469 shares during the period. Graypoint LLC raised its holdings in Newmont by 21.3% during the 3rd quarter. Graypoint LLC now owns 8,742 shares of the basic materials company’s stock valued at $467,000 after acquiring an additional 1,538 shares during the period. Confluence Investment Management LLC raised its holdings in Newmont by 6.0% during the 3rd quarter. Confluence Investment Management LLC now owns 11,507 shares of the basic materials company’s stock valued at $615,000 after acquiring an additional 652 shares during the period. Finally, Summit Global Investments bought a new stake in Newmont during the 3rd quarter valued at $404,000. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

NEM has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Raymond James reduced their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. The Goldman Sachs Group assumed coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price target for the company. Finally, CLSA assumed coverage on shares of Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.16.

Newmont Stock Down 0.1 %

Shares of NYSE:NEM opened at $43.88 on Friday. Newmont Co. has a 52-week low of $33.29 and a 52-week high of $58.72. The firm has a fifty day moving average of $42.53 and a 200 day moving average of $46.03. The firm has a market capitalization of $49.44 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. 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 announced its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. As a group, research analysts anticipate that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.28%. Newmont’s payout ratio is 34.13%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the executive vice president now directly owns 82,596 shares in the company, valued at $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,231 shares of company stock worth $1,388,758 over the last three months. Company insiders own 0.06% of the company’s stock.

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.