MONECO Advisors LLC Has $653,000 Holdings in Newmont Co. (NYSE:NEM)

MONECO Advisors LLC decreased its stake in shares of Newmont Co. (NYSE:NEM) by 4.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 12,219 shares of the basic materials company’s stock after selling 584 shares during the period. MONECO Advisors LLC’s holdings in Newmont were worth $653,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NEM. Boston Financial Mangement LLC grew its holdings in Newmont by 0.6% during the third quarter. Boston Financial Mangement LLC now owns 83,980 shares of the basic materials company’s stock valued at $4,489,000 after purchasing an additional 525 shares during the last quarter. abrdn plc lifted its stake in shares of Newmont by 35.3% in the third quarter. abrdn plc now owns 1,738,741 shares of the basic materials company’s stock worth $92,840,000 after buying an additional 453,603 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Newmont by 14.3% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 44,165 shares of the basic materials company’s stock worth $2,361,000 after buying an additional 5,534 shares during the period. Asahi Life Asset Management CO. LTD. acquired a new position in Newmont in the 3rd quarter valued at $477,000. Finally, Riggs Asset Managment Co. Inc. bought a new position in Newmont in the 3rd quarter worth $5,398,000. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

NYSE NEM opened at $47.80 on Wednesday. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The stock has a market cap of $54.42 billion, a P/E ratio of -31.45, a PEG ratio of 0.40 and a beta of 0.50. The company’s 50-day simple moving average is $53.26 and its 200 day simple moving average is $47.06.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 earnings per share. As a group, research analysts forecast that Newmont Co. will post 3.13 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed 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 is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.09%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group increased 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. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Raymond James upped their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada lowered their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $54.85.

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.