Telemark Asset Management LLC Acquires New Shares in Newmont Co. (NYSE:NEM)

Telemark Asset Management LLC bought a new stake in Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 120,000 shares of the basic materials company’s stock, valued at approximately $6,414,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Waverton Investment Management Ltd lifted its holdings in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after acquiring an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC bought a new stake in Newmont during the 3rd quarter worth approximately $1,263,000. Bessemer Group Inc. raised its holdings in Newmont by 7.5% during the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after buying an additional 529 shares during the period. Herr Investment Group LLC bought a new position in Newmont in the second quarter valued at approximately $419,000. Finally, Truist Financial Corp increased its position in shares of Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after acquiring an additional 11,276 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NEM has been the topic of several research reports. Raymond James boosted their price objective on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Bernstein Bank increased their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and dropped their target price for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Finally, Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Eight research 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.85.

Newmont Stock Up 0.6 %

Newmont stock opened at $43.24 on Friday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a market capitalization of $49.23 billion, a PE ratio of -28.45, a P/E/G ratio of 0.36 and a beta of 0.51. The company’s 50-day moving average is $50.43 and its 200-day moving average is $47.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last released 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). The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s quarterly revenue was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Sell-side analysts anticipate that Newmont Co. will post 3.12 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 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 2.31%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 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 transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

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.