OVERSEA CHINESE BANKING Corp Ltd Acquires New Stake in Newmont Co. (NYSE:NEM)

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Newmont Co. (NYSE:NEM - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 12,969 shares of the basic materials company's stock, valued at approximately $720,000.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company's stock valued at $4,836,262,000 after buying an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Legal & General Group Plc boosted its holdings in shares of Newmont by 1.4% in 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 purchasing an additional 109,084 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of 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, Price T Rowe Associates Inc. MD lifted its stake in shares of Newmont by 6.8% during 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 acquiring an additional 313,736 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In other Newmont news, 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 transaction of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company's stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related 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 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 approximately $14,607,746.89. The trade was a 0.00 % decrease in their position. The sale 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 the company'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 $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares of the company's stock, valued at $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

NEM has been the subject of a number of research analyst reports. UBS Group lowered Newmont from a "buy" rating to a "neutral" rating and decreased their target price for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Argus raised Newmont from a "hold" rating to a "buy" rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th. CIBC lowered Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Finally, Jefferies Financial Group increased their price target on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.14.

Newmont Stock Performance

Newmont stock traded down $0.50 during midday trading on Thursday, hitting $40.73. The company's stock had a trading volume of 7,021,364 shares, compared to its average volume of 10,501,239. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a 50-day moving average price of $51.52 and a two-hundred day moving average price of $47.41. The company has a market cap of $46.37 billion, a price-to-earnings ratio of -27.12, a PEG ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data 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 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 analyst estimates of $4.67 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. Newmont's revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, sell-side analysts predict that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 yield of 2.46%. Newmont's payout ratio is currently -65.79%.

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.