Caisse DE Depot ET Placement DU Quebec Buys New Holdings in Newmont Co. (NYSE:NEM)

Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 189,952 shares of the basic materials company’s stock, valued at approximately $10,153,000.

A number of other large investors also recently modified their holdings of the company. Waverton Investment Management Ltd grew its position in shares of 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 buying an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC bought a new position in Newmont during the 3rd quarter worth approximately $1,263,000. Bridgewater Associates LP increased its holdings in shares of Newmont by 1,947.6% in the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock valued at $38,035,000 after acquiring an additional 676,838 shares during the last quarter. Herr Investment Group LLC bought a new stake in Newmont during the second quarter valued at $419,000. Finally, Truist Financial Corp lifted its position in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after buying an additional 11,276 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 2.5 %

NYSE:NEM opened at $40.91 on Tuesday. The stock has a fifty day simple moving average of $49.09 and a 200 day simple moving average of $47.49. The firm has a market capitalization of $46.57 billion, a price-to-earnings ratio of -26.91, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last released its quarterly 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). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The firm’s revenue was up 84.7% compared to the same quarter last year. Sell-side analysts forecast that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Activity

In related news, Director Harry M. Iv Conger bought 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was bought at an average price of $42.15 per share, with a total value of $400,340.70. Following the purchase, the director now directly owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. This represents a 189.96 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NEM. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.