Martingale Asset Management L P Purchases 13,731 Shares of Newmont Co. (NYSE:NEM)

Martingale Asset Management L P grew its position in shares of Newmont Co. (NYSE:NEM) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 524,621 shares of the basic materials company’s stock after buying an additional 13,731 shares during the quarter. Martingale Asset Management L P’s holdings in Newmont were worth $28,041,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Avior Wealth Management LLC lifted its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares in the last quarter. Hoese & Co LLP bought a new stake in shares of Newmont in the 3rd quarter worth approximately $27,000. Prospera Private Wealth LLC bought a new stake in shares of Newmont in the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC bought a new stake in shares of Newmont in the 3rd quarter worth approximately $32,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Newmont in the 2nd quarter worth approximately $27,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on NEM. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Bernstein Bank lifted their price objective on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. 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 research note on Thursday, August 29th. Finally, Royal Bank of Canada reduced their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.31.

Newmont Stock Performance

Newmont stock opened at $42.04 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $47.86 billion, a PE ratio of -27.66, a P/E/G ratio of 0.36 and a beta of 0.51. The firm has a fifty day simple moving average of $49.35 and a two-hundred day simple moving average of $47.43. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly 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 the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 earnings per share. Research analysts expect that Newmont Co. will post 3.08 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.38%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 over the last three months. Insiders own 0.06% of the company’s stock.

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.