Geode Capital Management LLC Grows Stake in Newmont Co. (NYSE:NEM)

Geode Capital Management LLC raised its holdings in Newmont Co. (NYSE:NEM - Free Report) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,484,382 shares of the basic materials company's stock after purchasing an additional 326,243 shares during the period. Geode Capital Management LLC owned 2.06% of Newmont worth $1,253,457,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of NEM. Van ECK Associates Corp raised its holdings in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock valued at $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Legal & General Group Plc raised its stake in shares of 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 valued at $337,909,000 after purchasing an additional 109,084 shares during the period. FMR LLC lifted its holdings in Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company's stock worth $376,953,000 after purchasing an additional 1,226,697 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company's stock worth $289,445,000 after purchasing an additional 545,903 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Newmont by 29.4% during 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 in the last quarter. Institutional investors own 68.85% of the company's stock.

Insider Transactions at Newmont

In other news, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction on Wednesday, November 27th. The shares were purchased at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now owns 14,498 shares of the company's stock, valued at approximately $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Newmont Trading Up 2.0 %

NYSE:NEM traded up $0.81 during midday trading on Wednesday, reaching $42.31. 8,446,552 shares of the stock traded hands, compared to its average volume of 10,471,230. The stock has a market capitalization of $48.16 billion, a P/E ratio of -27.76, a PEG ratio of 0.35 and a beta of 0.49. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company has a fifty day moving average of $47.23 and a 200 day moving average of $47.41. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72.

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 (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 business had revenue of $4.61 billion for the quarter, compared to analysts' expectations of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The firm's revenue for the quarter was up 84.7% on a year-over-year basis. On average, research analysts predict that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.36%. Newmont's dividend payout ratio (DPR) is presently -65.79%.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. Scotiabank lowered shares of Newmont from a "sector outperform" rating to a "sector perform" rating and cut their price objective for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Veritas upgraded shares of Newmont to a "strong-buy" rating in a research report on Monday, September 30th. Cibc World Mkts downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 28th. CIBC cut Newmont from a "sector outperform" rating to a "neutral" rating in a research report on Monday, October 28th. Finally, Jefferies Financial Group raised their price target on Newmont from $54.00 to $63.00 and gave the company a "buy" rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, eight have given 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 $54.31.

About Newmont

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.