Martingale Asset Management L P Increases Stake in Newmont Co. (NYSE:NEM)

Martingale Asset Management L P lifted its stake in shares of Newmont Co. (NYSE:NEM) by 2.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 524,621 shares of the basic materials company’s stock after buying an additional 13,731 shares during the period. Martingale Asset Management L P’s holdings in Newmont were worth $28,041,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Avior Wealth Management LLC increased its position in shares of 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 buying an additional 326 shares during the period. Hoese & Co LLP purchased a new stake in Newmont in the third quarter worth about $27,000. Prospera Private Wealth LLC purchased a new stake in Newmont in the third quarter worth about $28,000. Highline Wealth Partners LLC purchased a new stake in Newmont in the third quarter worth about $32,000. Finally, Meeder Asset Management Inc. purchased a new stake in Newmont in the second quarter worth about $27,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.1 %

Shares of Newmont stock opened at $42.04 on Friday. The company has a market cap of $47.86 billion, a price-to-earnings ratio of -27.66, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. The company’s 50 day moving average is $49.35 and its 200 day moving average is $47.43. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. Research analysts anticipate that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.38%. Newmont’s payout ratio is presently -65.79%.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent research reports. Raymond James cut their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada cut their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Bernstein Bank upped their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Finally, Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Eight research 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 stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $54.31.

Insiders Place Their Bets

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 completion of the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,000 shares of company stock worth $2,444,440. Company 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.