Northwest Investment Counselors LLC Makes New Investment in Newmont Co. (NYSE:NEM)

Northwest Investment Counselors LLC acquired a new stake in Newmont Co. (NYSE:NEM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 900 shares of the basic materials company’s stock, valued at approximately $48,000.

A number of other hedge funds also recently added to or reduced their stakes in NEM. Bessemer Group Inc. increased its holdings in Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after buying an additional 529 shares during the period. Herr Investment Group LLC purchased a new stake in shares of Newmont during the 2nd quarter worth $419,000. Truist Financial Corp boosted its position in Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after purchasing an additional 11,276 shares in the last quarter. Primoris Wealth Advisors LLC bought a new stake in Newmont during the second quarter valued at about $607,000. Finally, Forsta AP Fonden raised its holdings in Newmont by 9.6% in the first quarter. Forsta AP Fonden now owns 252,100 shares of the basic materials company’s stock worth $9,035,000 after purchasing an additional 22,100 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 0.1 %

Shares of NYSE:NEM opened at $57.59 on Tuesday. The company has a market capitalization of $66.41 billion, a PE ratio of -21.57, a PEG ratio of 0.43 and a beta of 0.50. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.71. The business has a 50 day moving average of $53.06 and a two-hundred day moving average of $46.53. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the prior year, the firm posted $0.33 earnings per share. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. As a group, analysts forecast that Newmont Co. will post 3.1 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared 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 of this dividend was Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.74%. Newmont’s dividend payout ratio is presently -37.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NEM. BMO Capital Markets lifted their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Bank of America upped their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Finally, UBS Group raised their price target on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.46.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 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 $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is owned by corporate insiders.

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.