Townsquare Capital LLC Purchases 12,596 Shares of Newmont Co. (NYSE:NEM)

Townsquare Capital LLC increased its holdings in Newmont Co. (NYSE:NEM) by 117.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,299 shares of the basic materials company’s stock after buying an additional 12,596 shares during the period. Townsquare Capital LLC’s holdings in Newmont were worth $1,245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Strategic Financial Concepts LLC purchased a new position in Newmont in the second quarter worth $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the 2nd quarter valued at about $27,000. Hoese & Co LLP bought a new stake in Newmont in the 3rd quarter worth approximately $27,000. Avior Wealth Management LLC grew its position in Newmont by 191.8% during 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. Finally, Prospera Private Wealth LLC purchased a new position in shares of Newmont during the third quarter worth approximately $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $40.91 on Tuesday. The company’s 50-day moving average is $49.09 and its 200 day moving average is $47.49. The company has a market capitalization of $46.57 billion, a price-to-earnings ratio of -26.90, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. 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 quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The business’s revenue was up 84.7% compared to the same quarter last year. Sell-side analysts expect that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were 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. The trade was a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry M. Iv Conger acquired 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, with a total value of $400,340.70. Following the completion of the purchase, the director now owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. This represents a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on NEM shares. Royal Bank of Canada lowered their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $59.00 to $55.00 in a report on Friday, October 25th. UBS Group lowered shares of 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. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, CLSA initiated coverage on Newmont in a research note on Friday. They issued an “underperform” rating on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

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.