Point72 Hong Kong Ltd Makes New $973,000 Investment in Newmont Co. (NYSE:NEM)

Point72 Hong Kong Ltd purchased a new stake in Newmont Co. (NYSE:NEM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 18,200 shares of the basic materials company’s stock, valued at approximately $973,000.

Several other institutional investors have also recently made changes to their positions in the company. Strategic Financial Concepts LLC acquired a new stake in Newmont during the second quarter worth $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the 2nd quarter worth about $27,000. Hoese & Co LLP purchased a new stake in Newmont in the 3rd quarter valued at about $27,000. Avior Wealth Management LLC boosted its stake in Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Newmont during the third quarter valued at about $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on NEM shares. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. 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. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Bernstein Bank lifted their target price on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Price Performance

Newmont stock opened at $41.94 on Monday. The stock has a market cap of $47.75 billion, a P/E ratio of -27.59, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. The company has a fifty day simple moving average of $49.09 and a 200-day simple moving average of $47.49. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last released its quarterly earnings data 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The company’s revenue was up 84.7% compared to the same quarter last year. Equities analysts expect that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid 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 2.38%. Newmont’s dividend payout ratio is currently -65.79%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s 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 directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by corporate 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.