W.G. Shaheen & Associates DBA Whitney & Co Increases Stock Position in Newmont Co. (NYSE:NEM)

W.G. Shaheen & Associates DBA Whitney & Co increased its position in Newmont Co. (NYSE:NEM) by 0.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 203,769 shares of the basic materials company’s stock after purchasing an additional 840 shares during the quarter. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Newmont were worth $10,891,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC acquired a new stake in shares of Newmont during the first quarter worth $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont during the second quarter worth $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the second quarter worth $27,000. Hoese & Co LLP acquired a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the third quarter worth $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

NYSE:NEM opened at $42.36 on Tuesday. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $50.94 and a 200 day simple moving average of $47.45. The stock has a market capitalization of $48.22 billion, a PE ratio of -27.86, a P/E/G ratio of 0.34 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 (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. On average, research analysts expect that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, 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 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’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 $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 6.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada dropped their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Jefferies Financial Group increased their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.14.

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.