Brooklyn Investment Group Buys Shares of 6,391 Newmont Co. (NYSE:NEM)

Brooklyn Investment Group bought a new stake in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,391 shares of the basic materials company’s stock, valued at approximately $342,000.

Other hedge funds have also bought and sold shares of the company. Waverton Investment Management Ltd lifted its position in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after purchasing an additional 65,075 shares during the last quarter. Red Cedar Investment Management LLC bought a new stake in Newmont during the third quarter valued at approximately $1,263,000. Herr Investment Group LLC bought a new stake in shares of Newmont in the 2nd quarter worth approximately $419,000. Truist Financial Corp lifted its holdings in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after acquiring an additional 11,276 shares during the last quarter. Finally, Cetera Trust Company N.A bought a new stake in shares of Newmont in the 3rd quarter worth approximately $705,000. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 approximately $15,293,378.43. This represents a 6.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NEM. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Raymond James lowered their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group lifted their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Down 0.5 %

Shares of Newmont stock opened at $42.25 on Wednesday. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company’s fifty day simple moving average is $49.80 and its two-hundred day simple moving average is $47.50.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the firm posted $0.36 EPS. The business’s quarterly revenue was up 84.7% on a year-over-year basis. As a group, analysts expect that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The company 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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -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.