Encompass More Asset Management Purchases Shares of 10,192 Newmont Co. (NYSE:NEM)

Encompass More Asset Management acquired a new position in Newmont Co. (NYSE:NEM) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 10,192 shares of the basic materials company’s stock, valued at approximately $545,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Waverton Investment Management Ltd lifted its stake in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after purchasing an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC acquired a new position in Newmont during the 3rd quarter worth about $1,263,000. Bridgewater Associates LP boosted its holdings in Newmont by 1,947.6% during the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock valued at $38,035,000 after acquiring an additional 676,838 shares during the period. Herr Investment Group LLC acquired a new position in Newmont in the 2nd quarter valued at about $419,000. Finally, Truist Financial Corp lifted its position 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 worth $6,295,000 after purchasing an additional 11,276 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.2 %

NYSE NEM opened at $41.96 on Friday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a market capitalization of $47.77 billion, a price-to-earnings ratio of -27.61, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. The firm’s fifty day moving average price is $49.09 and its 200 day moving average price is $47.42.

Newmont (NYSE:NEM) last released its quarterly 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). The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s quarterly revenue was up 84.7% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. On average, sell-side analysts expect that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared 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. This represents a $1.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm’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 $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 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 $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by company insiders.

Analyst Ratings Changes

NEM has been the topic of several recent research reports. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Finally, CLSA began coverage on Newmont in a research report on Friday. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.31.

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.