Harvest Fund Management Co. Ltd Boosts Stock Holdings in Newmont Co. (NYSE:NEM)

Harvest Fund Management Co. Ltd grew its position in shares of Newmont Co. (NYSE:NEM) by 662.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,563 shares of the basic materials company’s stock after purchasing an additional 14,391 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Newmont were worth $885,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC increased its holdings 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 valued at $27,000 after purchasing an additional 326 shares in the last quarter. Hoese & Co LLP purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $27,000. Prospera Private Wealth LLC purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $28,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $32,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Newmont during the 2nd quarter valued at approximately $27,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 2.1 %

Shares of NEM opened at $42.46 on Tuesday. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. 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 firm’s fifty day moving average is $50.01 and its two-hundred day moving average is $47.51. The stock has a market cap of $48.34 billion, a PE ratio of -27.93, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51.

Newmont (NYSE:NEM) last announced 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 firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue was up 84.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. Research analysts forecast that Newmont Co. will post 3.09 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. Newmont’s payout ratio is -65.79%.

Analyst Ratings Changes

Several equities research analysts recently commented on NEM shares. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and cut their price target for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Raymond James cut their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group boosted their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, Bernstein Bank boosted their price target on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’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 sale, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by insiders.

About Newmont

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.