Fortem Financial Group LLC Makes New $1.39 Million Investment in Newmont Co. (NYSE:NEM)

Fortem Financial Group LLC purchased a new position in Newmont Co. (NYSE:NEM - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,076 shares of the basic materials company's stock, valued at approximately $1,394,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Van ECK Associates Corp lifted its holdings in 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 buying an additional 1,289,084 shares during the period. Geode Capital Management LLC lifted its stake in shares of Newmont by 1.4% during the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company's stock worth $1,253,457,000 after buying an additional 326,243 shares during the period. Legal & General Group Plc lifted its position in Newmont by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company's stock worth $337,909,000 after acquiring an additional 109,084 shares during the period. FMR LLC increased its holdings in Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company's stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Newmont by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company's stock valued at $289,445,000 after purchasing an additional 545,903 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Trading Up 1.9 %

NEM stock traded up $0.79 during midday trading on Wednesday, hitting $42.28. 8,351,388 shares of the company's stock were exchanged, compared to its average volume of 10,470,851. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $48.13 billion, a PE ratio of -27.76, a P/E/G ratio of 0.35 and a beta of 0.49. The business has a 50-day simple moving average of $47.23 and a two-hundred day simple moving average of $47.41.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 quarter in the prior year, the business earned $0.36 earnings per share. Newmont's revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts predict that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. Newmont's dividend payout ratio is currently -65.79%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. CLSA began coverage on Newmont in a report on Friday, November 29th. They issued an "underperform" rating for the company. Argus upgraded shares of Newmont from a "hold" rating to a "buy" rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Royal Bank of Canada dropped their price target on Newmont from $54.00 to $53.00 and set a "sector perform" rating for the company in a research report on Thursday, October 24th. Finally, Bernstein Bank raised their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

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.