FLC Capital Advisors Makes New Investment in Newmont Co. (NYSE:NEM)

by · The Cerbat Gem

FLC Capital Advisors purchased a new position in Newmont Co. (NYSE:NEM – Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,521 shares of the basic materials company’s stock, valued at approximately $242,000.

A number of other hedge funds have also recently added to or reduced their stakes in NEM. Fulton Bank N.A. lifted its stake in shares of Newmont by 1.5% in the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares in the last quarter. Pekin Hardy Strauss Inc. raised its holdings in shares of Newmont by 0.4% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after buying an additional 233 shares during the period. KCM Investment Advisors LLC raised its holdings in shares of Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after buying an additional 244 shares during the period. Meeder Advisory Services Inc. increased its holdings in shares of Newmont by 3.8% in the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 278 shares during the last quarter. Finally, Moody National Bank Trust Division increased its holdings in shares of Newmont by 1.7% in the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after acquiring an additional 296 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NEM shares. Bank of America boosted their price target on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. UBS Group boosted their price target on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.46.

Check Out Our Latest Stock Analysis on NEM

Newmont Trading Up 1.1 %

Shares of NEM opened at $56.27 on Thursday. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $57.32. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $52.51 and a 200-day simple moving average of $46.04. The stock has a market cap of $64.89 billion, a PE ratio of -21.07, a PEG ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM – Get Free Report) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. On average, sell-side analysts predict that Newmont Co. will post 3.1 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.78%. Newmont’s payout ratio is -37.45%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 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 transaction of $161,430.00. Following 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 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred 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 owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $3,434,640 in the last three months. Insiders own 0.06% of the company’s stock.

About Newmont

(Free Report)

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.

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