Chevy Chase Trust Holdings LLC Has $41.82 Million Holdings in Newmont Co. (NYSE:NEM)

Chevy Chase Trust Holdings LLC raised its stake in shares of Newmont Co. (NYSE:NEM) by 5.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 782,457 shares of the basic materials company’s stock after purchasing an additional 40,648 shares during the period. Chevy Chase Trust Holdings LLC owned 0.07% of Newmont worth $41,822,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. 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 during the period. Red Cedar Investment Management LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at $1,263,000. Bridgewater Associates LP raised 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 worth $38,035,000 after purchasing an additional 676,838 shares during the last quarter. Herr Investment Group LLC bought a new stake in shares of Newmont during the second quarter worth approximately $419,000. Finally, Truist Financial Corp lifted its stake in shares of Newmont by 8.1% in 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 period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In related news, Director Harry M. Iv Conger bought 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’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 $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $40.91 on Tuesday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a market cap of $46.57 billion, a P/E ratio of -26.91, a P/E/G ratio of 0.36 and a beta of 0.49. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $49.09 and a 200 day moving average of $47.49.

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). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period last year, the business posted $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Wall Street Analysts Forecast Growth

NEM has been the topic of several analyst reports. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. Raymond James reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Bernstein Bank raised their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. UBS Group downgraded shares of 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 report on Wednesday, October 30th. Finally, CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus price target of $54.31.

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.