OLD Point Trust & Financial Services N A Purchases 6,600 Shares of Newmont Corporation $NEM

OLD Point Trust & Financial Services N A raised its position in Newmont Corporation (NYSE:NEM) by 6,600.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,700 shares of the basic materials company’s stock after purchasing an additional 6,600 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Newmont were worth $565,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Wedmont Private Capital raised its holdings in shares of Newmont by 15.4% in the 3rd quarter. Wedmont Private Capital now owns 63,832 shares of the basic materials company’s stock valued at $5,550,000 after acquiring an additional 8,520 shares in the last quarter. Czech National Bank lifted its position in Newmont by 2.6% during the third quarter. Czech National Bank now owns 278,984 shares of the basic materials company’s stock valued at $23,521,000 after purchasing an additional 6,952 shares during the last quarter. Balefire LLC grew its stake in Newmont by 14.4% in the 3rd quarter. Balefire LLC now owns 9,913 shares of the basic materials company’s stock worth $836,000 after buying an additional 1,250 shares in the last quarter. Quantum Financial Advisors LLC bought a new position in shares of Newmont in the 3rd quarter worth $280,000. Finally, Veracity Capital LLC bought a new position in shares of Newmont in the 3rd quarter worth $213,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Up 1.3%

Shares of Newmont stock opened at $99.28 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $102.13. The company’s 50 day moving average price is $88.51 and its 200-day moving average price is $75.06. The stock has a market capitalization of $108.34 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 0.68 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 EPS. Equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NEM. TD Securities upped their target price on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research note on Monday. CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the stock a “buy” rating in a report on Sunday, October 12th. Finally, Citigroup boosted their price target on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Five analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Newmont has a consensus rating of “Buy” and an average target price of $96.37.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 11,240 shares of company stock worth $943,985. 0.05% 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.