Waddell & Associates LLC Raises Stake in Newmont Co. (NYSE:NEM)

Waddell & Associates LLC raised its holdings in shares of Newmont Co. (NYSE:NEM) by 16.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,773 shares of the basic materials company’s stock after acquiring an additional 1,104 shares during the period. Waddell & Associates LLC’s holdings in Newmont were worth $415,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in shares of Newmont during the 1st quarter valued at $25,000. Strategic Financial Concepts LLC bought a new position in shares of Newmont during the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont in the second quarter worth about $27,000. Hoese & Co LLP bought a new stake in shares of Newmont in the 3rd quarter valued at about $27,000. Finally, Avior Wealth Management LLC boosted its holdings in 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 acquiring an additional 326 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 0.1 %

NYSE NEM opened at $43.37 on Friday. The stock’s 50 day moving average is $50.23 and its 200 day moving average is $47.42. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) 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 the consensus estimate 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 the consensus estimate of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. The firm’s revenue was up 84.7% compared to the same quarter last year. On average, equities analysts predict that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. 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 2.31%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the business’s 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 directly owns 91,596 shares in the company, valued at $4,928,780.76. The trade was a 3.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock worth $2,444,440 in the last 90 days. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on NEM shares. Jefferies Financial Group lifted their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $54.85.

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.