GAMMA Investing LLC Increases Stock Position in Newmont Co. (NYSE:NEM)

GAMMA Investing LLC grew its holdings in shares of Newmont Co. (NYSE:NEM) by 21.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,630 shares of the basic materials company’s stock after buying an additional 3,264 shares during the period. GAMMA Investing LLC’s holdings in Newmont were worth $996,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NEM. Handelsbanken Fonder AB boosted its stake in Newmont by 4.2% during the third quarter. Handelsbanken Fonder AB now owns 421,747 shares of the basic materials company’s stock worth $22,542,000 after acquiring an additional 17,070 shares in the last quarter. Quent Capital LLC grew its stake in shares of Newmont by 35.4% in the 3rd quarter. Quent Capital LLC now owns 2,320 shares of the basic materials company’s stock worth $124,000 after buying an additional 606 shares during the last quarter. Harbor Investment Advisory LLC grew its stake in shares of Newmont by 521.8% in the 3rd quarter. Harbor Investment Advisory LLC now owns 19,376 shares of the basic materials company’s stock worth $1,036,000 after buying an additional 16,260 shares during the last quarter. Fluent Financial LLC purchased a new position in Newmont during the third quarter valued at $1,185,000. Finally, SG Americas Securities LLC boosted its holdings in Newmont by 80.1% in the third quarter. SG Americas Securities LLC now owns 801,335 shares of the basic materials company’s stock worth $42,831,000 after acquiring an additional 356,286 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NEM shares. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Jefferies Financial Group raised 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. BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $53.31.

Newmont Stock Down 0.7 %

NEM stock opened at $52.97 on Tuesday. The business’s 50-day moving average price is $51.51 and its 200-day moving average price is $45.03. The stock has a market cap of $61.08 billion, a P/E ratio of -19.84, a PEG ratio of 0.47 and a beta of 0.50. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $56.30. The company has a quick ratio of 1.85, a current ratio of 2.11 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 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period in the prior year, the company earned $0.33 earnings per share. The firm’s revenue was up 64.1% on a year-over-year basis. On average, equities research analysts forecast that Newmont Co. will post 2.88 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 given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.89%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on 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 directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction 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 transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. 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 90 days. 0.06% of the stock is owned by corporate 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.