Chevy Chase Trust Holdings LLC Boosts Stake in Newmont Co. (NYSE:NEM)

Chevy Chase Trust Holdings LLC raised its stake in Newmont Co. (NYSE:NEM) by 5.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 782,457 shares of the basic materials company’s stock after buying an additional 40,648 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Newmont were worth $41,822,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Van ECK Associates Corp raised its holdings in Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Newmont by 1.4% in the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after purchasing an additional 109,084 shares during the period. FMR LLC raised its position in Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Newmont by 29.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after buying an additional 1,074,623 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NEM. CLSA began coverage on shares of Newmont in a report on Friday. They set an “underperform” rating on the stock. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Royal Bank of Canada lowered their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Raymond James cut their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Newmont Price Performance

NEM stock opened at $40.91 on Tuesday. The firm has a market cap of $46.57 billion, a P/E ratio of -26.91, a price-to-earnings-growth ratio of 0.36 and a beta of 0.49. The stock has a 50-day simple moving average of $49.09 and a 200-day simple moving average of $47.49. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue was up 84.7% on a year-over-year basis. On average, equities analysts predict that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In other news, Director Harry M. Iv Conger acquired 9,498 shares of the business’s stock in a transaction that occurred 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 completion of the acquisition, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.