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

Highline Wealth Partners LLC acquired a new position in Newmont Co. (NYSE:NEM) 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:NEM) 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.

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.