M&T Bank Corp Has $3.70 Million Stake in Newmont Co. (NYSE:NEM)

M&T Bank Corp lessened its holdings in shares of Newmont Co. (NYSE:NEM) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,170 shares of the basic materials company’s stock after selling 256 shares during the quarter. M&T Bank Corp’s holdings in Newmont were worth $3,698,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of NEM. Strategic Financial Concepts LLC bought a new stake in shares of Newmont during the second quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in Newmont during the 2nd quarter worth approximately $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont in the third quarter worth approximately $27,000. Avior Wealth Management LLC lifted its holdings in shares of Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in shares of Newmont during the third quarter valued at approximately $28,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, 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 sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Harry M. Iv Conger acquired 9,498 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was purchased at an average price of $42.15 per share, with a total value of $400,340.70. Following the completion of the transaction, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Performance

NEM stock opened at $41.56 on Friday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a fifty day moving average of $46.99 and a 200-day moving average of $47.37. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last posted its earnings results 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 business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, sell-side analysts forecast that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.41%. Newmont’s dividend payout ratio is currently -65.79%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on NEM shares. Raymond James lowered their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Finally, CLSA started coverage on Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

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.