Summit Trail Advisors LLC Raises Position in Newmont Co. (NYSE:NEM)

Summit Trail Advisors LLC lifted its position in shares of Newmont Co. (NYSE:NEM) by 12.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 32,940 shares of the basic materials company’s stock after purchasing an additional 3,679 shares during the period. Summit Trail Advisors LLC’s holdings in Newmont were worth $1,761,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Waverton Investment Management Ltd grew its stake in shares of Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after acquiring an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC acquired a new stake in shares of Newmont during the third quarter valued at about $1,263,000. Bessemer Group Inc. grew its stake in shares of Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 529 shares in the last quarter. Herr Investment Group LLC acquired a new stake in shares of Newmont during the second quarter valued at about $419,000. Finally, Truist Financial Corp grew its stake in shares of Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after acquiring an additional 11,276 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Royal Bank of Canada reduced their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Bernstein Bank increased their price target on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $54.85.

Newmont Trading Up 0.1 %

Shares of NYSE:NEM opened at $43.38 on Monday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The stock’s 50 day moving average price is $50.23 and its 200 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.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 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 firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the previous year, the firm earned $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, equities research analysts anticipate 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. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.31%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s 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 transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their position. 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. Corporate insiders own 0.06% of the company’s stock.

Newmont 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.