Red Cedar Investment Management LLC Makes New $1.26 Million Investment in Newmont Co. (NYSE:NEM)

Red Cedar Investment Management LLC purchased a new stake in Newmont Co. (NYSE:NEM) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 23,627 shares of the basic materials company’s stock, valued at approximately $1,263,000.

Other hedge funds also recently bought and sold shares of the company. J.W. Cole Advisors Inc. lifted its position in Newmont by 4.4% during the first quarter. J.W. Cole Advisors Inc. now owns 8,134 shares of the basic materials company’s stock valued at $292,000 after buying an additional 346 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Newmont by 38.2% during the first quarter. Janney Montgomery Scott LLC now owns 321,622 shares of the basic materials company’s stock valued at $11,527,000 after purchasing an additional 88,900 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in Newmont by 13.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,637 shares of the basic materials company’s stock valued at $1,062,000 after purchasing an additional 3,577 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Newmont during the first quarter valued at $118,000. Finally, Nordea Investment Management AB grew its position in shares of Newmont by 3.3% during the first quarter. Nordea Investment Management AB now owns 786,323 shares of the basic materials company’s stock worth $28,276,000 after acquiring an additional 24,980 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM traded up $0.49 during mid-day trading on Monday, hitting $45.75. The company’s stock had a trading volume of 2,062,063 shares, compared to its average volume of 10,381,269. Newmont Co. has a one year low of $29.42 and a one 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. The firm has a market capitalization of $52.08 billion, a PE ratio of -29.78, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The stock’s 50-day moving average is $52.91 and its two-hundred day moving average is $47.22.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The firm’s revenue was up 84.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Newmont Co. will post 3.12 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.19%. Newmont’s dividend payout ratio is -65.79%.

Analyst Ratings Changes

NEM has been the subject of several recent research reports. Royal Bank of Canada lowered their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. BMO Capital Markets upped their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Raymond James upped their price objective on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.85.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by company insiders.

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.