Tobam lowered its stake in Newmont Mining Corp (NYSE:NEM) by 19.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 787,820 shares of the basic materials company’s stock after selling 195,139 shares during the quarter. Tobam owned about 0.15% of Newmont Mining worth $23,792,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Private Advisor Group LLC acquired a new position in Newmont Mining in the third quarter valued at about $225,000. Levin Capital Strategies L.P. acquired a new stake in shares of Newmont Mining during the third quarter worth about $226,000. Dupont Capital Management Corp lifted its position in shares of Newmont Mining by 38.7% during the second quarter. Dupont Capital Management Corp now owns 6,864 shares of the basic materials company’s stock worth $259,000 after purchasing an additional 1,916 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Newmont Mining during the second quarter worth about $273,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Newmont Mining during the second quarter worth about $335,000. 84.49% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on NEM shares. TD Securities increased their price target on shares of Newmont Mining from $37.00 to $38.00 and gave the stock a “hold” rating in a research report on Thursday, November 1st. Jefferies Financial Group reissued a “hold” rating and set a $33.00 price target on shares of Newmont Mining in a research report on Monday, October 8th. Canaccord Genuity reissued a “hold” rating and set a $37.00 price target on shares of Newmont Mining in a research report on Monday, October 22nd. Citigroup reduced their price target on shares of Newmont Mining from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 29th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Newmont Mining from $47.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, September 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Newmont Mining has a consensus rating of “Hold” and a consensus target price of $41.33.
In related news, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $30.53, for a total value of $38,162.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gary J. Goldberg sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $31.51, for a total transaction of $126,040.00. Following the completion of the sale, the chief executive officer now directly owns 138,533 shares in the company, valued at approximately $4,365,174.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,750 shares of company stock worth $670,690. 0.36% of the stock is owned by corporate insiders.
NYSE:NEM traded up $0.43 during mid-day trading on Wednesday, hitting $31.84. The stock had a trading volume of 1,026,085 shares, compared to its average volume of 6,293,085. The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 21.81 and a beta of 0.22. Newmont Mining Corp has a twelve month low of $29.06 and a twelve month high of $42.04. The company has a quick ratio of 4.02, a current ratio of 4.70 and a debt-to-equity ratio of 0.36.
Newmont Mining (NYSE:NEM) last issued its earnings results on Thursday, October 25th. The basic materials company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.11. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Newmont Mining had a negative net margin of 2.63% and a positive return on equity of 6.19%. On average, equities analysts anticipate that Newmont Mining Corp will post 1.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 27th. Investors of record on Thursday, December 6th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.56 annualized dividend and a yield of 1.76%. Newmont Mining’s dividend payout ratio (DPR) is 38.36%.
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Newmont Mining Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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