Pinnacle Associates Ltd. Buys 3,797 Shares of Newmont Co. (NYSE:NEM)

Pinnacle Associates Ltd. increased its stake in Newmont Co. (NYSE:NEM) by 24.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 19,505 shares of the basic materials company’s stock after buying an additional 3,797 shares during the period. Pinnacle Associates Ltd.’s holdings in Newmont were worth $1,043,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in NEM. Norden Group LLC bought a new position in Newmont in the first quarter valued at about $1,431,000. First Trust Direct Indexing L.P. boosted its holdings in shares of Newmont by 4.9% in the first quarter. First Trust Direct Indexing L.P. now owns 19,468 shares of the basic materials company’s stock worth $698,000 after buying an additional 902 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Newmont by 4.4% during the first quarter. J.W. Cole Advisors Inc. now owns 8,134 shares of the basic materials company’s stock valued at $292,000 after buying an additional 346 shares during the period. Janney Montgomery Scott LLC increased its holdings in Newmont by 38.2% during the first quarter. Janney Montgomery Scott LLC now owns 321,622 shares of the basic materials company’s stock valued at $11,527,000 after buying an additional 88,900 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Newmont by 13.7% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,637 shares of the basic materials company’s stock worth $1,062,000 after acquiring an additional 3,577 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

Several research firms have recently commented on NEM. Raymond James upped their price objective on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Royal Bank of Canada decreased their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Finally, UBS Group lowered shares of 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 report on Wednesday. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Trading Down 0.4 %

Shares of Newmont stock opened at $45.26 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 $51.53 billion, a price-to-earnings ratio of -29.78, a PEG ratio of 0.38 and a beta of 0.52. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The business has a 50-day moving average price of $52.91 and a 200-day moving average price of $47.16.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the company earned $0.36 earnings per share. The firm’s revenue was up 84.7% on a year-over-year basis. Equities research analysts anticipate that Newmont Co. will post 3.12 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm 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. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. Newmont’s payout ratio is currently -65.79%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was 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 in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the business’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 $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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 in the last three months. Insiders own 0.06% of the company’s stock.

Newmont Company 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.