Gemsstock Ltd. Increases Holdings in Newmont Co. (NYSE:NEM)

Gemsstock Ltd. raised its stake in shares of Newmont Co. (NYSE:NEM) by 52.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 464,300 shares of the basic materials company’s stock after purchasing an additional 159,200 shares during the period. Newmont accounts for about 12.0% of Gemsstock Ltd.’s investment portfolio, making the stock its 4th biggest holding. Gemsstock Ltd.’s holdings in Newmont were worth $24,817,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in NEM. Van ECK Associates Corp lifted its stake in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after buying an additional 1,289,084 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Newmont by 1.4% in the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after acquiring an additional 109,084 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Newmont by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after acquiring an additional 545,903 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Newmont by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after acquiring an additional 313,736 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Newmont by 29.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after purchasing an additional 1,074,623 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of Newmont stock opened at $43.16 on Wednesday. The stock has a 50 day moving average price of $50.78 and a 200-day moving average price of $47.47. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. The stock has a market cap of $49.14 billion, a price-to-earnings ratio of -28.39, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. Equities analysts expect that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were 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 of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 6.42 % 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 90 days. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of research analyst reports. Argus raised 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. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and cut their target price for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.14.

About Newmont

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.