Gemsstock Ltd. Boosts Stock Position in Newmont Co. (NYSE:NEM)

Gemsstock Ltd. lifted its position in Newmont Co. (NYSE:NEM) by 52.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,300 shares of the basic materials company’s stock after acquiring an additional 159,200 shares during the quarter. Newmont accounts for approximately 12.0% of Gemsstock Ltd.’s investment portfolio, making the stock its 4th largest holding. Gemsstock Ltd.’s holdings in Newmont were worth $24,817,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in NEM. LRI Investments LLC bought a new stake in Newmont during the 1st quarter valued at $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont during the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in Newmont in the second quarter valued at about $27,000. Hoese & Co LLP bought a new position in Newmont in the third quarter worth about $27,000. Finally, Avior Wealth Management LLC lifted its position in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NEM shares. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada reduced their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Bernstein Bank raised their price objective on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Finally, UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.14.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on 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 transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 3.07 % 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 quarter. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

NEM opened at $43.16 on Wednesday. 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 Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The firm has a 50 day moving average of $50.78 and a two-hundred day moving average of $47.47. The firm has a market capitalization of $49.14 billion, a PE ratio of -28.39, a P/E/G ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM) last issued its 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 for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. On average, analysts anticipate that Newmont Co. will post 3.15 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.32%. Newmont’s dividend payout ratio (DPR) is presently -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.