Independent Advisor Alliance Cuts Stock Position in Newmont Co. (NYSE:NEM)

Independent Advisor Alliance lessened its stake in Newmont Co. (NYSE:NEM) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,012 shares of the basic materials company’s stock after selling 440 shares during the quarter. Independent Advisor Alliance’s holdings in Newmont were worth $589,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew its holdings in shares of Newmont by 662.6% during the third quarter. Harvest Fund Management Co. Ltd now owns 16,563 shares of the basic materials company’s stock worth $885,000 after buying an additional 14,391 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Newmont during the third quarter worth $1,083,000. Daiwa Securities Group Inc. grew its holdings in shares of Newmont by 22.1% during the third quarter. Daiwa Securities Group Inc. now owns 185,395 shares of the basic materials company’s stock worth $9,909,000 after buying an additional 33,614 shares in the last quarter. Pekin Hardy Strauss Inc. grew its holdings in shares of Newmont by 5.9% during the third quarter. Pekin Hardy Strauss Inc. now owns 67,855 shares of the basic materials company’s stock worth $3,627,000 after buying an additional 3,773 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its position in shares of Newmont by 12.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 32,940 shares of the basic materials company’s stock valued at $1,761,000 after acquiring an additional 3,679 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NEM. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Finally, Royal Bank of Canada cut their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Eight 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was 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 over the last three months. Insiders own 0.06% of the company’s stock.

Newmont Stock Up 0.1 %

NEM stock opened at $42.04 on Thursday. The company’s 50 day moving average price is $49.57 and its 200 day moving average price is $47.47. 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 Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a market capitalization of $47.86 billion, a price-to-earnings ratio of -27.66, a PEG ratio of 0.37 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its quarterly 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). The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities research analysts anticipate that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.38%. Newmont’s dividend payout ratio is currently -65.79%.

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.