Cary Street Partners Asset Management LLC Purchases Shares of 3,920 Newmont Co. (NYSE:NEM)

Cary Street Partners Asset Management LLC acquired a new position in Newmont Co. (NYSE:NEM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,920 shares of the basic materials company’s stock, valued at approximately $210,000.

Other large investors have also recently modified their holdings of the company. Red Cedar Investment Management LLC acquired a new position in shares of Newmont during the third quarter worth $1,263,000. Bessemer Group Inc. raised its stake in Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 529 shares during the last quarter. Herr Investment Group LLC acquired a new stake in Newmont during the 2nd quarter worth about $419,000. Truist Financial Corp grew its stake in Newmont by 8.1% during the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after purchasing an additional 11,276 shares during the last quarter. Finally, Cetera Trust Company N.A acquired a new position in shares of Newmont in the third quarter valued at about $705,000. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Up 0.5 %

NEM opened at $46.00 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 company has a 50-day moving average price of $52.64 and a 200 day moving average price of $47.32. The company has a market cap of $52.37 billion, a PE ratio of -30.26, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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 negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the company posted $0.36 EPS. The firm’s revenue was up 84.7% on a year-over-year basis. Sell-side analysts expect that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 2.17%. Newmont’s dividend payout ratio is presently -65.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NEM shares. Jefferies Financial Group upped their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Finally, Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.85.

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.