Financial Enhancement Group LLC Makes New $851,000 Investment in Newmont Co. (NYSE:NEM)

Financial Enhancement Group LLC purchased a new stake in shares of Newmont Co. (NYSE:NEM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 15,920 shares of the basic materials company’s stock, valued at approximately $851,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEM. Central Pacific Bank Trust Division bought a new position in Newmont during the 1st quarter valued at about $182,000. Empirical Finance LLC boosted its holdings in Newmont by 5.3% in the first quarter. Empirical Finance LLC now owns 29,901 shares of the basic materials company’s stock worth $1,072,000 after purchasing an additional 1,506 shares during the last quarter. AIA Group Ltd bought a new stake in Newmont in the 1st quarter worth approximately $1,165,000. Empowered Funds LLC raised its stake in Newmont by 102.9% during the 1st quarter. Empowered Funds LLC now owns 25,453 shares of the basic materials company’s stock valued at $912,000 after buying an additional 12,908 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. lifted its holdings in shares of Newmont by 51.2% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 13,626 shares of the basic materials company’s stock valued at $488,000 after buying an additional 4,616 shares during the period. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Royal Bank of Canada reduced their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group increased their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. BMO Capital Markets boosted their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.85.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 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 value of $161,430.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the 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 sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 over the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Newmont Stock Down 3.3 %

NYSE:NEM opened at $44.48 on Thursday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a market capitalization of $50.64 billion, a P/E ratio of -29.26, a P/E/G ratio of 0.38 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company’s 50-day simple moving average is $52.49 and its 200-day simple moving average is $47.30.

Newmont (NYSE:NEM) last posted its 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 business 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 earnings per share. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. On average, equities analysts anticipate that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

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.