Wedmont Private Capital Invests $334,000 in Newmont Co. (NYSE:NEM)

Wedmont Private Capital bought a new position in shares of Newmont Co. (NYSE:NEM – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,345 shares of the basic materials company’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cowa LLC bought a new stake in Newmont during the third quarter worth approximately $32,000. Avion Wealth raised its holdings in Newmont by 4,664.7% during the third quarter. Avion Wealth now owns 810 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 793 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Newmont during the third quarter worth approximately $34,000. Central Bank & Trust Co. raised its holdings in Newmont by 56.7% during the third quarter. Central Bank & Trust Co. now owns 953 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 345 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Newmont by 222.6% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 984 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 679 shares in the last quarter. Institutional investors own 77.60% of the company’s stock.

Analyst Ratings Changes

NEM has been the topic of several recent analyst reports. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $59.00 to $53.00 in a report on Tuesday, February 14th. StockNews.com started coverage on Newmont in a report on Thursday. They issued a “hold” rating on the stock. TD Securities raised Newmont from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, February 24th. Fundamental Research set a $51.92 price target on Newmont and gave the company a “buy” rating in a report on Tuesday, March 7th. Finally, Barclays upped their price target on Newmont from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, January 30th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.21.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $44.25, for a total transaction of $486,750.00. Following the transaction, the chief executive officer now directly owns 322,039 shares in the company, valued at approximately $14,250,225.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $44.25, for a total transaction of $486,750.00. Following the transaction, the chief executive officer now directly owns 322,039 shares in the company, valued at approximately $14,250,225.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total transaction of $144,690.00. Following the transaction, the chief operating officer now owns 33,947 shares in the company, valued at $1,637,263.81. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock worth $1,294,720 in the last ninety days. Corporate insiders own 0.11% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $48.17 on Friday. The company’s fifty day moving average is $48.39 and its two-hundred day moving average is $45.80. The company has a quick ratio of 1.89, a current ratio of 2.23 and a debt-to-equity ratio of 0.31. Newmont Co. has a 12-month low of $37.45 and a 12-month high of $86.37. The company has a market cap of $38.27 billion, a P/E ratio of -89.20, a price-to-earnings-growth ratio of 1.77 and a beta of 0.31.

Newmont (NYSE:NEM – Get Rating) last announced its earnings results on Thursday, February 23rd. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.03). Newmont had a negative net margin of 3.60% and a positive return on equity of 6.98%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period last year, the firm earned $0.78 earnings per share. Newmont’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities analysts expect that Newmont Co. will post 2.24 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, March 8th. Newmont’s dividend payout ratio is currently -296.29%.

Newmont Company Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.