Jackson Square Capital LLC Acquires New Position in Newmont Co. (NYSE:NEM)

Jackson Square Capital LLC acquired a new stake in shares of Newmont Co. (NYSE:NEM) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,312 shares of the basic materials company’s stock, valued at approximately $230,000.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Legal & General Group Plc lifted its holdings in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after purchasing an additional 109,084 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after purchasing an additional 313,736 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on NEM. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group upped their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Royal Bank of Canada decreased their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Finally, Raymond James upped their price objective on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.85.

Newmont Stock Performance

NEM stock opened at $44.48 on Thursday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $52.49 and its two-hundred day simple moving average is $47.30. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The firm has a market cap of $50.64 billion, a price-to-earnings ratio of -29.26, a PEG ratio of 0.38 and a beta of 0.51.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 EPS. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. Analysts predict that Newmont Co. will post 3.12 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.25%. Newmont’s payout ratio is -65.79%.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were 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 approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 over the last quarter. Company insiders own 0.06% of the company’s stock.

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.