Eastern Bank Invests $202,000 in Newmont Co. (NYSE:NEM)

Eastern Bank acquired a new position in shares of Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,785 shares of the basic materials company’s stock, valued at approximately $202,000.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after buying an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp grew its position in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Legal & General Group Plc boosted its stake in shares of Newmont by 1.4% in the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after buying an additional 109,084 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after acquiring an additional 545,903 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Newmont by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock valued at $175,872,000 after acquiring an additional 313,736 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on NEM shares. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. UBS Group lifted their target price on shares of Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Argus upgraded 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. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and lifted their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.46.

Newmont Price Performance

Shares of NYSE NEM opened at $49.25 on Friday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The business has a fifty day simple moving average of $53.43 and a 200-day simple moving average of $46.74. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. On average, research analysts predict that Newmont Co. will post 3.07 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on 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 directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock valued at $3,434,640 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Newmont 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.