Allen Wealth Management LLC Invests $243,000 in Newmont Co. (NYSE:NEM)

Allen Wealth Management LLC acquired a new stake in Newmont Co. (NYSE:NEM) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 4,540 shares of the basic materials company’s stock, valued at approximately $243,000.

Several other hedge funds have also added to or reduced their stakes in NEM. Bessemer Group Inc. raised its position in shares of Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 529 shares during the period. Herr Investment Group LLC acquired a new stake in Newmont during the 2nd quarter worth approximately $419,000. Truist Financial Corp lifted its stake in Newmont by 8.1% in the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after buying an additional 11,276 shares in the last quarter. Cetera Trust Company N.A acquired a new position in shares of Newmont in the third quarter valued at approximately $705,000. Finally, Primoris Wealth Advisors LLC bought a new stake in shares of Newmont during the second quarter worth $607,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction 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. This trade represents a 0.00 % decrease 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. In other Newmont news, EVP Peter Toth sold 3,000 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 transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’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 $1,049,400.00. Following 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. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last ninety days. 0.06% of the stock is owned by company insiders.

Newmont Trading Down 0.4 %

NEM stock opened at $45.26 on Friday. The stock has a market cap of $51.53 billion, a price-to-earnings ratio of -29.78, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The company has a fifty day moving average price of $52.91 and a two-hundred day moving average price of $47.16. 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 current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last announced 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). 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 quarter last year, the company posted $0.36 EPS. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. Equities analysts anticipate that Newmont Co. will post 3.12 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.21%. Newmont’s payout ratio is currently -65.79%.

Analyst Ratings Changes

A number of brokerages have recently commented on NEM. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Finally, Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $53.85.

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.