Investment Management Corp of Ontario Acquires 12,600 Shares of Newmont Co. (NYSE:NEM)

Investment Management Corp of Ontario grew its stake in Newmont Co. (NYSE:NEM - Free Report) by 49.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,328 shares of the basic materials company's stock after buying an additional 12,600 shares during the period. Investment Management Corp of Ontario's holdings in Newmont were worth $2,049,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC increased its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 326 shares during the last quarter. Hoese & Co LLP purchased a new position in shares of Newmont during the third quarter worth approximately $27,000. Prospera Private Wealth LLC bought a new stake in shares of Newmont in the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new stake in shares of Newmont in the 3rd quarter valued at $32,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Newmont during the 2nd quarter valued at $27,000. Institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

NEM traded down $0.34 during mid-day trading on Thursday, reaching $41.07. 10,965,139 shares of the company traded hands, compared to its average volume of 10,501,815. The company's fifty day moving average price is $47.97 and its 200-day moving average price is $47.37. The stock has a market capitalization of $46.76 billion, a P/E ratio of -27.02, a P/E/G ratio of 0.36 and a beta of 0.49. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the business posted $0.36 earnings per share. Newmont's revenue for the quarter was up 84.7% compared to the same quarter last year. On average, sell-side analysts expect that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Wednesday, November 27th. Newmont's dividend payout ratio (DPR) is -65.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. CLSA started coverage on shares of Newmont in a research report on Friday, November 29th. They set an "underperform" rating for the company. CIBC lowered shares of Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. Cibc World Mkts cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. JPMorgan Chase & Co. raised Newmont from a "neutral" rating to an "overweight" rating in a research report on Tuesday, November 19th. Finally, Raymond James cut their price objective on Newmont from $62.00 to $59.00 and set an "outperform" rating on the stock in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

Insider Buying and Selling

In related news, Director Harry M. Iv Conger acquired 9,498 shares of the business's stock in a transaction on Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, with a total value of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at $611,090.70. This represents a 189.96 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

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.