Brown Brothers Harriman & Co. Acquires 1,088 Shares of Newmont Co. (NYSE:NEM)

Brown Brothers Harriman & Co. lifted its position in shares of Newmont Co. (NYSE:NEM) by 31.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,526 shares of the basic materials company’s stock after acquiring an additional 1,088 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Newmont were worth $242,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Maj Invest Holding A S grew its stake in shares of Newmont by 296.0% during the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after acquiring an additional 2,561,823 shares during the period. Van ECK Associates Corp grew its stake in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Assenagon Asset Management S.A. boosted its stake in Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after purchasing an additional 1,096,905 shares during the period. National Bank of Canada FI boosted its stake in Newmont by 47.7% in the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after purchasing an additional 1,088,742 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Newmont by 29.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after purchasing an additional 1,074,623 shares during the period. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NEM. Raymond James cut their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Bernstein Bank raised their target price on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. 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, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of Newmont 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 directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value 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 approximately $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 in the last ninety days. 0.06% of the stock is owned by insiders.

Newmont Stock Performance

Shares of NYSE NEM opened at $42.04 on Thursday. The stock has a market cap of $47.86 billion, a price-to-earnings ratio of -27.66, a P/E/G ratio of 0.37 and a beta of 0.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The stock’s 50-day moving average is $49.57 and its 200 day moving average is $47.47.

Newmont (NYSE:NEM) last posted its quarterly earnings results 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). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. Newmont’s revenue was up 84.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given 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 2.38%. 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.