Insider Buying: Newmont Co. (NYSE:NEM) Director Buys $400,340.70 in Stock

Newmont Co. (NYSE:NEM) Director Harry M. Iv Conger bought 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the transaction, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Newmont Stock Down 0.4 %

Shares of NEM opened at $41.41 on Thursday. The business’s 50 day simple moving average is $48.26 and its 200-day simple moving average is $47.42. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. The company has a market capitalization of $47.14 billion, a P/E ratio of -27.24, a PEG ratio of 0.35 and a beta of 0.49. 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 announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the previous year, the company posted $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Institutional Trading of Newmont

Several hedge funds have recently modified their holdings of NEM. Cetera Investment Advisers boosted its position in Newmont by 990.2% in the 1st quarter. Cetera Investment Advisers now owns 205,894 shares of the basic materials company’s stock valued at $7,379,000 after buying an additional 187,008 shares during the last quarter. Cetera Advisors LLC raised its holdings in Newmont by 30.3% during the 1st quarter. Cetera Advisors LLC now owns 21,464 shares of the basic materials company’s stock worth $769,000 after purchasing an additional 4,987 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Newmont by 35.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 94,471 shares of the basic materials company’s stock valued at $3,386,000 after purchasing an additional 24,819 shares during the period. GAMMA Investing LLC boosted its stake in shares of Newmont by 32.5% in the 2nd quarter. GAMMA Investing LLC now owns 15,366 shares of the basic materials company’s stock valued at $643,000 after purchasing an additional 3,772 shares during the last quarter. Finally, DNB Asset Management AS grew its position in shares of Newmont by 8.2% during the 2nd quarter. DNB Asset Management AS now owns 219,984 shares of the basic materials company’s stock worth $9,211,000 after buying an additional 16,623 shares during the period. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Royal Bank of Canada lowered their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Company 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.