Quest Partners LLC Purchases Shares of 24,104 Newmont Co. (NYSE:NEM)

Quest Partners LLC purchased a new stake in shares of Newmont Co. (NYSE:NEM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 24,104 shares of the basic materials company’s stock, valued at approximately $1,288,000.

A number of other institutional investors also recently bought and sold shares of NEM. LRI Investments LLC bought a new position in Newmont in the 1st quarter worth $25,000. Strategic Financial Concepts LLC bought a new position in Newmont in the 2nd quarter worth $25,000. Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter worth $27,000. Hoese & Co LLP bought a new position in shares of Newmont in the third quarter worth approximately $27,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Newmont in the third quarter worth approximately $32,000. 68.85% of the stock is owned by institutional investors.

Insider Activity at Newmont

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

Analyst Ratings Changes

A number of research firms have weighed in on NEM. Royal Bank of Canada dropped their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and decreased their target price for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Bernstein Bank lifted their target price on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Jefferies Financial Group lifted their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $54.14.

Newmont Price Performance

NYSE:NEM opened at $43.16 on Wednesday. The firm has a market capitalization of $49.14 billion, a price-to-earnings ratio of -28.39, a PEG ratio of 0.34 and a beta of 0.51. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72. The business has a 50 day simple moving average of $50.78 and a 200-day simple moving average of $47.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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). The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. Equities analysts forecast that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued 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 2.32%. Newmont’s payout ratio is -65.79%.

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.