Red Cedar Investment Management LLC Invests $1.26 Million in Newmont Co. (NYSE:NEM)

Red Cedar Investment Management LLC purchased a new position in shares of Newmont Co. (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,627 shares of the basic materials company's stock, valued at approximately $1,263,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Hoese & Co LLP purchased a new position in Newmont in the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in Newmont during the 3rd quarter worth approximately $32,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont during the second quarter valued at $27,000. LRI Investments LLC acquired a new position in shares of Newmont in the first quarter valued at about $25,000. Finally, Northwest Investment Counselors LLC purchased a new position in Newmont during the 3rd quarter worth approximately $48,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 1.1 %

Newmont stock traded up $0.50 during trading on Monday, reaching $45.76. The stock had a trading volume of 8,592,813 shares, compared to its average volume of 10,413,715. The stock has a market cap of $52.10 billion, a PE ratio of -30.11, a P/E/G ratio of 0.38 and a beta of 0.52. The business has a 50 day moving average price of $52.78 and a 200 day moving average price of $47.27. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. 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 (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to analysts' expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. Newmont's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. On average, analysts predict that Newmont Co. will post 3.12 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont's dividend payout ratio (DPR) is currently -65.79%.

Analyst Ratings Changes

NEM has been the subject of several analyst reports. Raymond James boosted their price objective on Newmont from $65.00 to $66.00 and gave the company an "outperform" rating in a report on Friday, October 25th. Royal Bank of Canada dropped their target price 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. BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an "outperform" rating in a research note on Thursday, July 25th. Cibc World Mkts downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 28th. Finally, Scotiabank lowered Newmont from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $53.85.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now owns 271,469 shares of the company's stock, valued at $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company's stock.

Newmont Company 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.