Larson Financial Group LLC Lowers Stake in Newmont Co. (NYSE:NEM)

Larson Financial Group LLC cut its position in shares of Newmont Co. (NYSE:NEM) by 41.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,847 shares of the basic materials company’s stock after selling 4,919 shares during the quarter. Larson Financial Group LLC’s holdings in Newmont were worth $283,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Life Planning Partners Inc purchased a new stake in Newmont in the fourth quarter valued at approximately $26,000. TFC Financial Management Inc. grew its holdings in Newmont by 242.2% in the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 499 shares during the period. Mizuho Securities Co. Ltd. purchased a new stake in Newmont in the third quarter valued at approximately $26,000. CVA Family Office LLC purchased a new stake in Newmont in the fourth quarter valued at approximately $34,000. Finally, OFI Invest Asset Management purchased a new stake in Newmont in the third quarter valued at approximately $30,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Up 0.7 %

NEM opened at $37.71 on Wednesday. The stock has a market capitalization of $43.47 billion, a PE ratio of -15.84, a P/E/G ratio of 1.01 and a beta of 0.50. The firm’s fifty day moving average price is $35.01 and its 200 day moving average price is $36.86. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $50.18.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company’s revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. As a group, research analysts expect that Newmont Co. will post 1.98 EPS for the current fiscal year.

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.65%. Newmont’s payout ratio is -42.02%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NEM shares. BMO Capital Markets reduced their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. TD Securities reduced their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. StockNews.com cut shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Scotiabank reduced their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Finally, Jefferies Financial Group started coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $50.89.

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.