Avestar Capital LLC Acquires 463 Shares of Newmont Co. (NYSE:NEM)

Avestar Capital LLC lifted its position in shares of Newmont Co. (NYSE:NEM) by 9.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,405 shares of the basic materials company’s stock after buying an additional 463 shares during the quarter. Avestar Capital LLC’s holdings in Newmont were worth $289,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in shares of Newmont during the third quarter worth about $342,000. Quantbot Technologies LP bought a new stake in shares of Newmont during the third quarter worth about $3,481,000. FMR LLC grew its holdings in shares of Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after purchasing an additional 1,226,697 shares during the last quarter. Horizon Kinetics Asset Management LLC grew its holdings in shares of Newmont by 24.4% during the third quarter. Horizon Kinetics Asset Management LLC now owns 24,089 shares of the basic materials company’s stock worth $1,288,000 after purchasing an additional 4,728 shares during the last quarter. Finally, Mirabella Financial Services LLP grew its holdings in shares of Newmont by 40.6% during the third quarter. Mirabella Financial Services LLP now owns 19,031 shares of the basic materials company’s stock worth $1,017,000 after purchasing an additional 5,500 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Raymond James reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Royal Bank of Canada reduced their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Bernstein Bank upped their target price on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Eight investment 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Price Performance

Shares of NYSE:NEM opened at $42.04 on Thursday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The stock’s 50 day moving average is $49.57 and its 200-day moving average is $47.47. 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 issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the company earned $0.36 earnings per share. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. Sell-side analysts forecast that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

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