Horizon Kinetics Asset Management LLC Purchases 4,728 Shares of Newmont Co. (NYSE:NEM)

Horizon Kinetics Asset Management LLC boosted its position in shares of Newmont Co. (NYSE:NEM) by 24.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 24,089 shares of the basic materials company’s stock after acquiring an additional 4,728 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Newmont were worth $1,288,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirabella Financial Services LLP boosted its position 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 valued at $1,017,000 after buying an additional 5,500 shares during the period. Brown Brothers Harriman & Co. lifted its stake in shares of Newmont by 31.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 4,526 shares of the basic materials company’s stock worth $242,000 after acquiring an additional 1,088 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Newmont by 662.6% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 16,563 shares of the basic materials company’s stock valued at $885,000 after acquiring an additional 14,391 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Newmont in the 3rd quarter valued at $1,083,000. Finally, Daiwa Securities Group Inc. increased its stake in Newmont by 22.1% in the third quarter. Daiwa Securities Group Inc. now owns 185,395 shares of the basic materials company’s stock worth $9,909,000 after purchasing an additional 33,614 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 2.1 %

Shares of NYSE NEM opened at $42.46 on Tuesday. The business has a fifty day moving average price of $50.01 and a 200 day moving average price of $47.51. Newmont Co. has a 1-year low of $29.42 and a 1-year 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 stock has a market capitalization of $48.34 billion, a P/E ratio of -27.93, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51.

Newmont (NYSE:NEM) last released its quarterly 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 negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. Equities research analysts expect that Newmont Co. will post 3.09 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Transactions at Newmont

In other 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 $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NEM. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and cut their price target for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Royal Bank of Canada reduced their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. 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 report on Friday, October 4th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price 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.