Miracle Mile Advisors LLC Purchases New Shares in Newmont Co. (NYSE:NEM)

Miracle Mile Advisors LLC acquired a new position in shares of Newmont Co. (NYSE:NEM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 7,383 shares of the basic materials company’s stock, valued at approximately $275,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zurich Insurance Group Ltd FI bought a new position in Newmont during the third quarter worth about $98,011,000. Nordea Investment Management AB increased its holdings in shares of Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after purchasing an additional 1,578,545 shares during the period. FMR LLC raised its position in shares of Newmont by 21.1% in the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after buying an additional 1,226,697 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after buying an additional 1,096,905 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in Newmont by 29.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after buying an additional 1,074,623 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Bernstein Bank upped their target price on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Raymond James reduced their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, November 25th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $53.80.

Newmont Stock Performance

NYSE:NEM opened at $41.67 on Friday. The stock’s 50-day moving average is $40.43 and its 200-day moving average is $46.86. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a market cap of $47.44 billion, a P/E ratio of -27.41, a price-to-earnings-growth ratio of 0.31 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its quarterly earnings results 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). The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue was up 84.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. Equities research analysts anticipate that Newmont Co. will post 3.12 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.40%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the executive vice president now directly owns 82,596 shares in the company, valued at $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the completion of the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,077 shares of company stock valued at $563,080. Company insiders own 0.06% of the company’s stock.

About Newmont

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.