OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Newmont Co. (NYSE:NEM)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Newmont Co. (NYSE:NEM) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,969 shares of the basic materials company’s stock, valued at approximately $720,000.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares during the period. Maj Invest Holding A S boosted its position 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 valued at $143,502,000 after purchasing an additional 2,561,823 shares in the last quarter. Capital International Investors acquired a new stake in Newmont during the first quarter worth approximately $49,444,000. Van ECK Associates Corp grew its position 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 buying an additional 1,289,084 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after purchasing an additional 1,096,905 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last quarter. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

NEM stock opened at $41.23 on Thursday. The business has a 50 day moving average of $51.73 and a 200-day moving average of $47.45. The firm has a market cap of $46.94 billion, a PE ratio of -27.12, a P/E/G ratio of 0.34 and a beta of 0.51. Newmont Co. has a 12-month low of $29.42 and a 12-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.

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 analysts’ consensus estimates of $0.86 by ($0.05). The business 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 firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS. As a group, sell-side analysts expect that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.43%. Newmont’s payout ratio is currently -65.79%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NEM shares. Jefferies Financial Group raised 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. Raymond James upped their target price on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. Nine 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, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $54.14.

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.