Strong Tower Advisory Services Purchases 5,724 Shares of Newmont Co. (NYSE:NEM)

Strong Tower Advisory Services boosted its position in Newmont Co. (NYSE:NEM) by 14.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,824 shares of the basic materials company’s stock after acquiring an additional 5,724 shares during the period. Strong Tower Advisory Services’ holdings in Newmont were worth $1,668,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Hoese & Co LLP bought a new stake in Newmont in the third quarter valued at $27,000. Avior Wealth Management LLC boosted its stake in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Newmont during the third quarter valued at about $28,000. Highline Wealth Partners LLC purchased a new stake in Newmont in the third quarter worth about $32,000. Finally, McIlrath & Eck LLC boosted its position in Newmont by 80.6% during the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after acquiring an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $41.72 on Monday. 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 Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company’s 50 day moving average is $40.29 and its two-hundred day moving average is $46.86.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. As a group, equities research analysts expect that Newmont Co. will post 3.12 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now owns 52,070 shares of the company’s stock, valued at $2,082,800. This represents a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The stock was acquired at an average price 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 disclosure for this purchase can be found here. Over the last quarter, insiders sold 14,077 shares of company stock worth $563,080. 0.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NEM. The Goldman Sachs Group began coverage on Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price target on the stock. Raymond James reduced their price objective on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $55.00 in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $53.80.

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.