Point72 Europe London LLP Purchases New Holdings in Newmont Co. (NYSE:NEM)

Point72 Europe London LLP bought a new stake in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, Holdings Channel reports. The firm bought 28,000 shares of the basic materials company’s stock, valued at approximately $1,497,000.

A number of other hedge funds have also recently modified their holdings of NEM. Avior Wealth Management LLC grew its position in Newmont by 191.8% in the 3rd 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 shares of Newmont in the third quarter worth about $27,000. Prospera Private Wealth LLC purchased a new position in Newmont in the 3rd quarter worth about $28,000. Highline Wealth Partners LLC bought a new stake in Newmont during the 3rd quarter valued at about $32,000. Finally, Meeder Asset Management Inc. purchased a new stake in Newmont in the 2nd quarter valued at about $27,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NEM. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. Jefferies Financial Group lifted their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, CLSA initiated coverage on shares of Newmont in a report on Friday. They issued an “underperform” rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 transaction of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Down 0.2 %

NEM opened at $41.96 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a market cap of $47.77 billion, a P/E ratio of -27.61, a P/E/G ratio of 0.36 and a beta of 0.51. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The business has a fifty day simple moving average of $49.09 and a 200-day simple moving average of $47.42.

Newmont (NYSE:NEM) last issued its quarterly 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). The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. On average, equities analysts expect that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

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.