Newmont Co. (NYSE:NEM) Shares Sold by Tobam

Tobam decreased its holdings in Newmont Co. (NYSE:NEM) by 50.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 154,930 shares of the basic materials company’s stock after selling 154,777 shares during the quarter. Newmont accounts for about 1.5% of Tobam’s investment portfolio, making the stock its 22nd largest position. Tobam’s holdings in Newmont were worth $8,281,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. UMB Bank n.a. grew its position in Newmont by 21.1% in the third quarter. UMB Bank n.a. now owns 3,750 shares of the basic materials company’s stock worth $200,000 after buying an additional 654 shares during the last quarter. Cadinha & Co. LLC acquired a new position in Newmont in the third quarter worth approximately $17,916,000. Sanibel Captiva Trust Company Inc. acquired a new position in Newmont in the third quarter worth approximately $357,000. Wedmont Private Capital grew its position in Newmont by 28.2% in the third quarter. Wedmont Private Capital now owns 9,618 shares of the basic materials company’s stock worth $510,000 after buying an additional 2,118 shares during the last quarter. Finally, CWM LLC grew its position in Newmont by 11.2% in the third quarter. CWM LLC now owns 19,111 shares of the basic materials company’s stock worth $1,021,000 after buying an additional 1,930 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Up 0.6 %

Shares of NEM stock traded up $0.33 on Thursday, hitting $53.06. The company’s stock had a trading volume of 2,664,607 shares, compared to its average volume of 10,255,883. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The firm’s fifty day moving average price is $51.80 and its 200-day moving average price is $45.35. The stock has a market capitalization of $61.19 billion, a price-to-earnings ratio of -19.75, a P/E/G ratio of 0.47 and a beta of 0.50.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the business earned $0.33 EPS. The business’s revenue was up 64.1% on a year-over-year basis. Research analysts anticipate that Newmont Co. will post 2.88 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were paid a $0.25 dividend. The ex-dividend date was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. Newmont’s payout ratio is currently -37.45%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. UBS Group lifted their price objective on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, Bank of America lifted their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.31.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’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 transaction of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The shares were 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. 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 66,000 shares of company stock valued at $3,434,640 over the last quarter. 0.06% of the stock is owned by company insiders.

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.