Gemsstock Ltd. Buys Shares of 305,100 Newmont Co. (NYSE:NEM)

Gemsstock Ltd. bought a new stake in shares of Newmont Co. (NYSE:NEM) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 305,100 shares of the basic materials company’s stock, valued at approximately $12,775,000. Newmont comprises about 4.1% of Gemsstock Ltd.’s portfolio, making the stock its 10th biggest holding.

A number of other hedge funds have also made changes to their positions in NEM. LRI Investments LLC acquired a new position in shares of Newmont during the first quarter valued at approximately $25,000. Manchester Capital Management LLC grew its position in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares in the last quarter. Heritage Wealth Advisors grew its position in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares in the last quarter. Crewe Advisors LLC purchased a new stake in shares of Newmont in the first quarter valued at approximately $35,000. Finally, Rise Advisors LLC grew its position in shares of Newmont by 2,373.2% in the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 973 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 $4,963,452.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock worth $2,744,700. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Down 3.1 %

Shares of NEM traded down $1.59 during midday trading on Friday, hitting $50.34. 6,476,450 shares of the stock were exchanged, compared to its average volume of 10,571,216. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $53.88. The stock has a fifty day simple moving average of $48.43 and a 200 day simple moving average of $42.00. The firm has a market cap of $58.05 billion, a P/E ratio of -18.85, a P/E/G ratio of 0.39 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period last year, the firm earned $0.33 earnings per share. On average, research analysts anticipate that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is currently -37.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price target for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Finally, Jefferies Financial Group increased their price objective on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $51.46.

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.