Strong Tower Advisory Services Has $2.09 Million Stock Position in Newmont Co. (NYSE:NEM)

Strong Tower Advisory Services boosted its stake in shares of Newmont Co. (NYSE:NEM) by 28.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,100 shares of the basic materials company’s stock after acquiring an additional 8,611 shares during the quarter. Strong Tower Advisory Services’ holdings in Newmont were worth $2,090,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hoese & Co LLP acquired a new stake in shares of Newmont in the third quarter valued at approximately $27,000. Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter valued at $27,000. LRI Investments LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $25,000. Heritage Wealth Advisors raised its position in shares of Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of Newmont during the first quarter valued at $35,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Jefferies Financial Group increased their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Finally, UBS Group upped their target price on shares of Newmont from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

Newmont Trading Up 1.6 %

Newmont stock traded up $0.86 during mid-day trading on Friday, hitting $54.26. 1,955,691 shares of the company’s stock were exchanged, compared to its average volume of 10,232,848. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $62.26 billion, a P/E ratio of -25.19, a PEG ratio of 0.43 and a beta of 0.50. The company’s 50 day simple moving average is $51.88 and its 200-day simple moving average is $45.40.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the firm posted $0.33 earnings per share. Newmont’s revenue was up 64.1% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Co. will post 3.1 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Thursday, September 5th. Newmont’s payout ratio is currently -47.17%.

Newmont Company 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.