Dearborn Partners LLC Invests $294,000 in Newmont Co. (NYSE:NEM)

16 Nov 2024, 09:06 by Doug Wharley · The Cerbat Gem

Dearborn Partners LLC bought a new stake in Newmont Co. (NYSE:NEM – Free Report) during the third quarter, according to its most recent filing with the SEC. The firm bought 5,500 shares of the basic materials company’s stock, valued at approximately $294,000.

Other institutional investors have also recently bought and sold shares of the company. Heathbridge Capital Management Ltd. increased its stake in shares of Newmont by 2.0% in the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 200 shares during the period. E. Ohman J or Asset Management AB increased its position in Newmont by 0.4% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock worth $2,562,000 after buying an additional 200 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Newmont by 1.5% during the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock worth $812,000 after buying an additional 221 shares during the last quarter. Carmel Capital Partners LLC boosted its position in shares of Newmont by 4.5% in the third quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 226 shares during the period. Finally, Good Life Advisors LLC grew its stake in shares of Newmont by 4.6% in the third quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 229 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NYSE:NEM opened at $40.91 on Friday. The business has a fifty day moving average of $51.30 and a 200-day moving average of $47.36. The firm has a market cap of $46.57 billion, a PE ratio of -26.91, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. 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 – Get Free Report) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, equities research analysts predict that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm 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. This represents a $1.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is -65.79%.

Insider Buying and Selling

In other news, 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 completion of the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock valued at $2,444,440 over the last ninety days. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NEM. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Raymond James upped their price target on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Read Our Latest Research Report on NEM

About Newmont

(Free Report)