National Wealth Management Group LLC Acquires New Shares in Newmont Co. (NYSE:NEM)

National Wealth Management Group LLC bought a new position in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 8,062 shares of the basic materials company’s stock, valued at approximately $431,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in NEM. Lazard Asset Management LLC boosted its holdings in shares of Newmont by 95.7% during the 1st quarter. Lazard Asset Management LLC now owns 46,788 shares of the basic materials company’s stock valued at $1,676,000 after acquiring an additional 22,880 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of Newmont by 10.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 57,251 shares of the basic materials company’s stock valued at $2,052,000 after purchasing an additional 5,563 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Newmont by 19.1% during the first quarter. Janus Henderson Group PLC now owns 341,907 shares of the basic materials company’s stock worth $12,256,000 after purchasing an additional 54,761 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Newmont by 6.1% in the first quarter. Tidal Investments LLC now owns 135,964 shares of the basic materials company’s stock valued at $4,851,000 after buying an additional 7,876 shares during the period. Finally, LRI Investments LLC bought a new position in Newmont in the 1st quarter valued at approximately $25,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.1 %

Shares of NEM stock 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. The firm has a market cap of $47.86 billion, a P/E ratio of -27.66, a PEG ratio of 0.37 and a beta of 0.51. The company has a 50 day moving average of $49.57 and a 200-day moving average of $47.47. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. Sell-side analysts anticipate that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.38%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 over the last quarter. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NEM. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. Raymond James reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $54.31.

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.