Confluence Investment Management LLC Increases Stock Position in Newmont Co. (NYSE:NEM)

Confluence Investment Management LLC grew its position in shares of Newmont Co. (NYSE:NEM) by 6.0% in the third quarter, HoldingsChannel reports. The firm owned 11,507 shares of the basic materials company’s stock after buying an additional 652 shares during the quarter. Confluence Investment Management LLC’s holdings in Newmont were worth $615,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Red Cedar Investment Management LLC bought a new stake in Newmont in the 3rd quarter worth approximately $1,263,000. Bessemer Group Inc. increased its position in Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 529 shares during the last quarter. Herr Investment Group LLC purchased a new stake in Newmont during the second quarter valued at $419,000. Truist Financial Corp lifted 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 during the last quarter. Finally, Cetera Trust Company N.A purchased a new position in shares of Newmont in the 3rd quarter worth $705,000. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. BMO Capital Markets upped their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and decreased their price target for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Royal Bank of Canada dropped their price objective 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. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $53.85.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents 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 46,000 shares of company stock worth $2,444,440 in the last three months. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Newmont stock opened at $45.04 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market cap of $51.28 billion, a price-to-earnings ratio of -29.63, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The firm has a 50-day moving average of $52.17 and a two-hundred day moving average of $47.34. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period last year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. On average, research analysts forecast that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.22%. Newmont’s payout ratio is currently -65.79%.

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.