Meridian Wealth Management LLC Purchases New Stake in Newmont Co. (NYSE:NEM)

Meridian Wealth Management LLC purchased a new stake in Newmont Co. (NYSE:NEM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 12,688 shares of the basic materials company’s stock, valued at approximately $678,000.

Other hedge funds have also added to or reduced their stakes in the company. Avior Wealth Management LLC boosted its holdings in Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares during the last quarter. Hoese & Co LLP bought a new position in Newmont during the third quarter worth about $27,000. Prospera Private Wealth LLC bought a new position in Newmont during the third quarter worth about $28,000. Highline Wealth Partners LLC bought a new position in Newmont during the third quarter worth about $32,000. Finally, Meeder Asset Management Inc. bought a new position in Newmont during the second quarter worth about $27,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.1 %

Shares of Newmont stock opened at $43.38 on Monday. The business’s 50 day simple moving average is $50.23 and its 200 day simple moving average is $47.51. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The firm has a market cap of $49.39 billion, a PE ratio of -28.54, a P/E/G ratio of 0.37 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 announced 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 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 analyst estimates of $4.67 billion. During the same period in the prior year, the business posted $0.36 EPS. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, analysts predict that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 over the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NEM shares. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. Bernstein Bank raised their target price on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.85.

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.