OVERSEA CHINESE BANKING Corp Ltd Takes $720,000 Position in Newmont Co. (NYSE:NEM)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Newmont Co. (NYSE:NEM) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,969 shares of the basic materials company’s stock, valued at approximately $720,000.

Other hedge funds also recently bought and sold shares of the company. Hoese & Co LLP bought a new position in Newmont in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont during the third quarter worth about $32,000. Meeder Asset Management Inc. bought a new position in shares of Newmont in the second quarter worth approximately $27,000. LRI Investments LLC purchased a new stake in Newmont in the first quarter valued at approximately $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in Newmont during the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NEM. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Jefferies Financial Group increased their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, BMO Capital Markets upped their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.14.

Newmont Price Performance

Shares of Newmont stock opened at $41.23 on Thursday. The company’s fifty day simple moving average is $51.73 and its two-hundred day simple moving average is $47.45. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The firm has a market cap of $46.94 billion, a PE ratio of -27.12, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. 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 (NYSE:NEM) last posted 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the previous year, the business earned $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities analysts expect that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The firm 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 2.43%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by company 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.