General American Investors Co. Inc. Purchases 10,000 Shares of Newmont Co. (NYSE:NEM)

General American Investors Co. Inc. raised its holdings in shares of Newmont Co. (NYSE:NEM) by 8.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 125,201 shares of the basic materials company’s stock after purchasing an additional 10,000 shares during the quarter. General American Investors Co. Inc.’s holdings in Newmont were worth $5,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEM. KCM Investment Advisors LLC boosted its position in Newmont by 2.3% in the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after buying an additional 244 shares during the period. Meeder Advisory Services Inc. boosted its holdings in shares of Newmont by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 278 shares during the period. Moody National Bank Trust Division boosted its holdings in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after purchasing an additional 296 shares during the period. Berkeley Capital Partners LLC grew its stake in Newmont by 5.6% in the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock worth $247,000 after purchasing an additional 318 shares in the last quarter. Finally, Crestmont Private Wealth LLC raised its position in Newmont by 4.9% during the 1st quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 319 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock valued at $2,744,700. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NEM shares. UBS Group raised Newmont from a “neutral” rating to a “buy” rating and increased their price target for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Bank of America raised their target price on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. BMO Capital Markets upped their price target 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. Sanford C. Bernstein cut their price objective on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Finally, JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Newmont Stock Performance

Shares of Newmont stock opened at $50.34 on Friday. The firm has a market capitalization of $58.05 billion, a P/E ratio of -18.85, a PEG ratio of 0.39 and a beta of 0.47. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $53.88. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $48.43 and a 200 day moving average price of $42.00.

Newmont (NYSE:NEM) last posted 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. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s quarterly revenue was up 64.1% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share. Sell-side analysts expect that Newmont Co. will post 2.82 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

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.