TT International Asset Management LTD cut its stake in Newmont Co. (NYSE:NEM - Free Report) by 27.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 60,000 shares of the basic materials company's stock after selling 23,000 shares during the quarter. TT International Asset Management LTD's holdings in Newmont were worth $3,207,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in NEM. Avior Wealth Management LLC grew its position in Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock worth $27,000 after buying an additional 326 shares in the last quarter. Hoese & Co LLP purchased a new position in Newmont during the third quarter worth about $27,000. Prospera Private Wealth LLC purchased a new position in Newmont during the third quarter worth about $28,000. Highline Wealth Partners LLC purchased a new position in Newmont during the third quarter worth about $32,000. Finally, Meeder Asset Management Inc. purchased a new position in Newmont during the second quarter worth about $27,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.
Newmont Stock Performance
Newmont stock traded up $0.47 during trading on Wednesday, reaching $41.96. The company had a trading volume of 4,014,900 shares, compared to its average volume of 10,451,944. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The firm's 50-day simple moving average is $47.23 and its 200 day simple moving average is $47.41. The firm has a market capitalization of $47.77 billion, a price-to-earnings ratio of -27.76, a price-to-earnings-growth ratio of 0.35 and a beta of 0.49. 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 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion during the quarter, compared to analysts' expectations of $4.67 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The company's quarterly revenue was up 84.7% on a year-over-year basis. Sell-side analysts forecast that Newmont Co. will post 3.08 earnings per share for the current fiscal year.
Newmont Announces Dividend
The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.38%. Newmont's payout ratio is -65.79%.
Insider Activity
In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm's 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 sale, the chief executive officer now owns 271,469 shares of the company's stock, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry M. Iv Conger acquired 9,498 shares of the firm's stock in a transaction on Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, with a total value of $400,340.70. Following the purchase, the director now owns 14,498 shares of the company's stock, valued at $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.06% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. CIBC lowered Newmont from a "sector outperform" rating to a "neutral" rating in a research note on Monday, October 28th. Argus raised Newmont from a "hold" rating to a "buy" rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Cibc World Mkts lowered 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 note on Tuesday, November 19th. Finally, Jefferies Financial Group boosted their target price on Newmont from $54.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average target price of $54.31.
Check Out Our Latest Stock Report on Newmont
Newmont Company Profile
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Free Report)
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.
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