Q3 Asset Management Takes $3.24 Million Position in Newmont Corporation $NEM

Q3 Asset Management acquired a new position in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,658 shares of the basic materials company’s stock, valued at approximately $3,242,000. Newmont makes up approximately 1.1% of Q3 Asset Management’s investment portfolio, making the stock its 12th largest position.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Newmont during the 2nd quarter worth about $919,170,000. Invesco Ltd. boosted its position in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the period. Northern Trust Corp grew its holdings in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after purchasing an additional 191,940 shares during the last quarter. Amundi raised its position in shares of Newmont by 2.8% in the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after purchasing an additional 343,535 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Newmont by 6.3% in the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after buying an additional 438,748 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,240 shares of company stock worth $943,985 in the last three months. Insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on NEM. TD Securities raised their target price on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 8th. BNP Paribas cut Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective for the company. in a research report on Friday, December 5th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $71.50 to $114.00 in a report on Thursday, October 23rd. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $96.37.

Newmont Trading Down 1.2%

Shares of NEM opened at $98.21 on Monday. The stock’s 50-day moving average price is $87.86 and its 200 day moving average price is $74.24. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $107.17 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 0.68 and a beta of 0.41. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $102.13.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. As a group, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

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.