Charles Schwab Investment Management Inc. reduced its position in Newmont Co. (NYSE:NEM - Free Report) by 0.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,758,050 shares of the basic materials company's stock after selling 11,757 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.59% of Newmont worth $361,218,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Maj Invest Holding A S lifted its position in Newmont by 296.0% during the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company's stock worth $143,502,000 after acquiring an additional 2,561,823 shares during the period. Van ECK Associates Corp raised its stake in shares of Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company's stock valued at $80,960,000 after buying an additional 1,096,905 shares during the last quarter. National Bank of Canada FI increased its stake in Newmont by 47.7% in the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company's stock valued at $140,460,000 after buying an additional 1,088,742 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Newmont by 29.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company's stock valued at $197,976,000 after buying an additional 1,074,623 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on NEM. Jefferies Financial Group lifted their target price on shares of Newmont from $54.00 to $63.00 and gave the company a "buy" rating in a report on Friday, October 4th. JPMorgan Chase & Co. upgraded Newmont from a "neutral" rating to an "overweight" rating in a research report on Tuesday. Veritas raised Newmont to a "strong-buy" rating in a report on Monday, September 30th. Scotiabank lowered Newmont from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Cibc World Mkts lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.85.
Check Out Our Latest Stock Report on NEM
Newmont Stock Performance
Shares of NYSE NEM traded up $0.06 during trading on Friday, reaching $43.38. The company had a trading volume of 8,038,462 shares, compared to its average volume of 13,124,434. 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 Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The stock has a 50-day moving average price of $50.23 and a two-hundred day moving average price of $47.42.
Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the company earned $0.36 EPS. The company's revenue was up 84.7% compared to the same quarter last year. Research analysts expect that Newmont Co. will post 3.12 EPS for the current year.
Newmont Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. Newmont's dividend payout ratio is presently -65.79%.
Insider Transactions at Newmont
In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company's stock, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares of the company's stock, valued at $4,928,780.76. The trade was a 3.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last ninety days. Insiders own 0.06% of the company's stock.
About Newmont
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Free Report)
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.
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