Concord Asset Management LLC VA Boosts Stock Position in Newmont Co. (NYSE:NEM)

Concord Asset Management LLC VA lifted its position in Newmont Co. (NYSE:NEM) by 6.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,952 shares of the basic materials company’s stock after purchasing an additional 410 shares during the quarter. Concord Asset Management LLC VA’s holdings in Newmont were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Maj Invest Holding A S lifted its stake in shares of Newmont by 296.0% in the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after acquiring an additional 2,561,823 shares during the last quarter. Capital International Investors bought a new stake in shares of Newmont in the 1st quarter valued at about $49,444,000. Van ECK Associates Corp lifted its stake in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after acquiring an additional 1,289,084 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after acquiring an additional 1,096,905 shares during the last quarter. Finally, National Bank of Canada FI raised its position in Newmont by 47.7% during the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock valued at $140,460,000 after purchasing an additional 1,088,742 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NEM. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Raymond James upped their price target on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Nine investment 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.14.

Newmont Stock Performance

Newmont stock opened at $40.93 on Friday. The stock’s 50 day moving average is $51.11 and its 200 day moving average is $47.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 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 analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid 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 yield of 2.44%. Newmont’s dividend payout ratio is -65.79%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 6.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,000 shares of company stock worth $2,444,440. Insiders own 0.06% of the company’s stock.

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.