Highline Wealth Partners LLC Acquires New Position in Newmont Co. (NYSE:NEM)

Highline Wealth Partners LLC acquired a new position in Newmont Co. (NYSE:NEMFree Report) during the third quarter, HoldingsChannel reports. The institutional investor acquired 590 shares of the basic materials company’s stock, valued at approximately $32,000.

Several other hedge funds also recently made changes to their positions in the company. Fidelis Capital Partners LLC purchased a new stake in Newmont during the third quarter valued at $210,000. Boston Financial Mangement LLC raised its holdings in shares of Newmont by 0.6% in the third quarter. Boston Financial Mangement LLC now owns 83,980 shares of the basic materials company’s stock worth $4,489,000 after buying an additional 525 shares during the period. abrdn plc increased its holdings in Newmont by 35.3% during the 3rd quarter. abrdn plc now owns 1,738,741 shares of the basic materials company’s stock worth $92,840,000 after purchasing an additional 453,603 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in Newmont by 14.3% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 44,165 shares of the basic materials company’s stock valued at $2,361,000 after acquiring an additional 5,534 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. bought a new stake in Newmont during the 3rd quarter valued at $477,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

Shares of NEM stock opened at $46.94 on Thursday. The firm has a market capitalization of $53.44 billion, a price-to-earnings ratio of -30.88, a price-to-earnings-growth ratio of 0.40 and a beta of 0.50. 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 business has a fifty day moving average of $53.16 and a 200 day moving average of $47.06. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72.

Newmont (NYSE:NEMGet Free Report) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. As a group, research analysts expect that Newmont Co. will post 3.13 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. Newmont’s payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont 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 completion of the transaction, the executive vice president now 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $67.00 to $54.00 in a research report on Wednesday. Finally, Raymond James raised their price objective on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.85.

Check Out Our Latest Research Report on Newmont

About Newmont

(Free Report)

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.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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