Meridian Wealth Management LLC Takes Position in Newmont Co. (NYSE:NEM)

Meridian Wealth Management LLC acquired a new position in Newmont Co. (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,688 shares of the basic materials company's stock, valued at approximately $678,000.

A number of other large investors have also recently made changes to their positions in NEM. Bessemer Group Inc. boosted its holdings in Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company's stock worth $271,000 after buying an additional 529 shares during the period. EntryPoint Capital LLC bought a new position in shares of Newmont in the first quarter worth about $62,000. LRI Investments LLC purchased a new stake in shares of Newmont during the first quarter worth about $51,000. Lazard Asset Management LLC raised its stake in Newmont by 95.7% during the 1st quarter. Lazard Asset Management LLC now owns 46,788 shares of the basic materials company's stock valued at $1,676,000 after purchasing an additional 22,880 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company's stock worth $175,872,000 after purchasing an additional 313,736 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 2.1 %

Shares of NYSE NEM traded down $0.92 during mid-day trading on Monday, reaching $42.46. The company had a trading volume of 19,055,752 shares, compared to its average volume of 10,554,022. The stock has a market cap of $48.34 billion, a price-to-earnings ratio of -27.70, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The business's 50-day moving average is $50.23 and its 200-day moving average is $47.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM - Get Free Report) last issued 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 for the quarter, compared to analysts' expectations of $4.67 billion. During the same period last year, the business posted $0.36 earnings per share. The business's revenue was up 84.7% compared to the same quarter last year. Equities analysts expect that Newmont Co. will post 3.09 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders 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 dividend yield of 2.36%. Newmont's dividend payout ratio is currently -65.79%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 3.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 transaction, the chief executive officer now 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. In the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. Company insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Newmont from a "neutral" rating to an "overweight" rating in a research report on Tuesday, November 19th. Royal Bank of Canada dropped their price objective on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating for the company in a report on Thursday, October 24th. Bernstein Bank boosted their target price on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Raymond James cut their price target on Newmont from $62.00 to $59.00 and set an "outperform" rating for the company in a report on Monday. Finally, Cibc World Mkts cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. Eight investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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.