Mirabella Financial Services LLP Boosts Stock Holdings in Newmont Co. (NYSE:NEM)

Mirabella Financial Services LLP increased its position in Newmont Co. (NYSE:NEM) by 40.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,031 shares of the basic materials company’s stock after acquiring an additional 5,500 shares during the period. Mirabella Financial Services LLP’s holdings in Newmont were worth $1,017,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Jefferies Financial Group upped their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Raymond James dropped their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Eight investment 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. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $54.31.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on 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 $15,293,378.43. This represents a 6.42 % 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, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 in the last 90 days. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

NYSE:NEM opened at $42.46 on Tuesday. The stock has a 50-day moving average price of $50.01 and a 200 day moving average price of $47.51. The stock has a market capitalization of $48.34 billion, a P/E ratio of -27.93, a P/E/G ratio of 0.38 and a beta of 0.51. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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 company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 84.7% compared to the same quarter last year. Equities research analysts forecast that Newmont Co. will post 3.09 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared 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 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

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.