Carmel Capital Partners LLC Acquires 226 Shares of Newmont Co. (NYSE:NEM)

Carmel Capital Partners LLC lifted its holdings in shares of Newmont Co. (NYSE:NEM) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,221 shares of the basic materials company’s stock after acquiring an additional 226 shares during the period. Carmel Capital Partners LLC’s holdings in Newmont were worth $279,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hoese & Co LLP bought a new stake in shares of Newmont during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in Newmont in the 3rd quarter worth about $32,000. Meeder Asset Management Inc. bought a new stake in Newmont in the 2nd quarter worth about $27,000. LRI Investments LLC bought a new stake in Newmont in the 1st quarter worth about $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in Newmont in the 3rd quarter worth about $48,000. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Jefferies Financial Group boosted their target price on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. 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. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and an average target price of $53.85.

Newmont Price Performance

Shares of NYSE:NEM opened at $45.04 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a market capitalization of $51.28 billion, a P/E ratio of -29.63, a P/E/G ratio of 0.37 and a beta of 0.51. The firm’s 50 day simple moving average is $52.17 and its two-hundred day simple moving average is $47.34.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 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 company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the firm posted $0.36 EPS. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. Research analysts expect that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Peter Toth sold 3,000 shares of the company’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 $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,444,440 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

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.