Rock Point Advisors LLC Takes $208,000 Position in Newmont Co. (NYSE:NEM)

Rock Point Advisors LLC acquired a new position in shares of Newmont Co. (NYSE:NEM) in the third quarter, Holdings Channel reports. The firm acquired 3,898 shares of the basic materials company’s stock, valued at approximately $208,000.

A number of other institutional investors also recently added to or reduced their stakes in NEM. LRI Investments LLC purchased a new stake in shares of Newmont during the first quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in shares of Newmont during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. bought a new position in shares of Newmont during the 2nd quarter worth approximately $27,000. Hoese & Co LLP purchased a new stake in Newmont during the third quarter valued at approximately $27,000. Finally, Avior Wealth Management LLC grew its holdings in Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NEM shares. Royal Bank of Canada decreased their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Bernstein Bank raised their price target on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Raymond James dropped their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday. Jefferies Financial Group raised their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 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 $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 $15,293,378.43. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

NEM stock traded down $0.28 during trading on Tuesday, hitting $42.18. The stock had a trading volume of 772,189 shares, compared to its average volume of 10,508,987. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company’s 50-day moving average price is $50.01 and its two-hundred day moving average price is $47.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market capitalization of $48.02 billion, a P/E ratio of -27.93, a PEG ratio of 0.38 and a beta of 0.51.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The business’s revenue was up 84.7% on a year-over-year basis. As a group, research analysts predict that Newmont Co. will post 3.09 EPS for the current fiscal year.

Newmont Announces Dividend

The business 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 $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.37%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Newmont Company Profile

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.