IRON Financial LLC Makes New $454,000 Investment in Newmont Co. (NYSE:NEM)

IRON Financial LLC bought a new position in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,490 shares of the basic materials company’s stock, valued at approximately $454,000.

Several other institutional investors have also recently bought and sold shares of the business. AustralianSuper Pty Ltd acquired a new position in Newmont during the third quarter worth about $1,324,000. US Bancorp DE increased its stake in shares of Newmont by 0.5% in the third quarter. US Bancorp DE now owns 209,027 shares of the basic materials company’s stock valued at $11,172,000 after buying an additional 981 shares during the period. JFS Wealth Advisors LLC increased its stake in shares of Newmont by 716.7% in the third quarter. JFS Wealth Advisors LLC now owns 4,067 shares of the basic materials company’s stock valued at $217,000 after buying an additional 3,569 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Newmont by 24.2% in the third quarter. Pinnacle Associates Ltd. now owns 19,505 shares of the basic materials company’s stock valued at $1,043,000 after buying an additional 3,797 shares during the period. Finally, First Trust Direct Indexing L.P. increased its stake in shares of Newmont by 13.7% in the third quarter. First Trust Direct Indexing L.P. now owns 30,571 shares of the basic materials company’s stock valued at $1,634,000 after buying an additional 3,676 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Raymond James upped their target price on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, October 25th. BMO Capital Markets upped their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. UBS Group cut 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. Finally, JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.85.

Newmont Stock Performance

Shares of Newmont stock traded down $1.50 during trading hours on Thursday, hitting $45.44. 7,063,023 shares of the company’s stock traded hands, compared to its average volume of 10,384,862. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The stock has a market capitalization of $51.73 billion, a price-to-earnings ratio of -30.88, a PEG ratio of 0.40 and a beta of 0.50. The company has a fifty day simple moving average of $53.16 and a 200-day simple moving average of $47.06. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last announced 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 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 analysts’ expectations of $4.67 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. Equities research analysts anticipate that Newmont Co. will post 3.13 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by insiders.

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.