Hedges Asset Management LLC Increases Position in Newmont Co. (NYSE:NEM)

Hedges Asset Management LLC grew its holdings in shares of Newmont Co. (NYSE:NEM) by 25.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,450 shares of the basic materials company’s stock after purchasing an additional 4,571 shares during the quarter. Hedges Asset Management LLC’s holdings in Newmont were worth $836,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Hoese & Co LLP purchased a new stake in Newmont in the third quarter valued at approximately $27,000. Avior Wealth Management LLC grew its stake in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Newmont during the 3rd quarter worth $28,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont in the 3rd quarter worth $32,000. Finally, McIlrath & Eck LLC boosted its holdings in Newmont by 80.6% in the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after acquiring an additional 361 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $41.91 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average of $40.31 and a 200-day moving average of $46.83. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. Newmont’s revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 earnings per share. Equities analysts expect that Newmont Co. will post 3.07 earnings per share for the current year.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the transaction, the director now directly owns 52,070 shares in the company, valued at $2,082,800. This trade represents a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction on Wednesday, November 27th. The shares were acquired at an average price of $42.15 per share, with a total value of $400,340.70. Following the purchase, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 14,077 shares of company stock valued at $563,080. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NEM shares. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Scotiabank cut their price target on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday. Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Raymond James cut their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $53.44.

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.