Meridian Wealth Management LLC Acquires Shares of 12,688 Newmont Co. (NYSE:NEM)

Meridian Wealth Management LLC acquired a new stake in Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,688 shares of the basic materials company’s stock, valued at approximately $678,000.

Other large investors also recently bought and sold shares of the company. Avior Wealth Management LLC grew its position in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares in the last quarter. Hoese & Co LLP bought a new position in Newmont during the third quarter worth $27,000. Prospera Private Wealth LLC bought a new position in Newmont during the third quarter worth $28,000. Highline Wealth Partners LLC bought a new position in Newmont during the third quarter worth $32,000. Finally, Meeder Asset Management Inc. bought a new position in Newmont during the second quarter worth $27,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Up 0.1 %

Shares of Newmont stock opened at $43.38 on Monday. The stock has a market capitalization of $49.39 billion, a P/E ratio of -28.54, a PEG ratio of 0.37 and a beta of 0.51. 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 50 day moving average price of $50.23 and a two-hundred day moving average price of $47.51. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last announced its 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). The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS. Equities analysts expect that Newmont Co. will post 3.12 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.31%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Analyst Ratings Changes

A number of research firms have issued reports on NEM. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and cut their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and cut their target price for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Finally, Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.85.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 directly owns 91,596 shares in the company, valued at $4,928,780.76. The trade was a 3.17 % decrease in their ownership of the stock. 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 the company’s 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 owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 over the last three months. 0.06% of the stock is currently owned by insiders.

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.