Elevated Capital Advisors LLC Reduces Stock Position in Newmont Co. (NYSE:NEM)

by · The Cerbat Gem

Elevated Capital Advisors LLC lessened its holdings in Newmont Co. (NYSE:NEM – Free Report) by 4.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,831 shares of the basic materials company’s stock after selling 776 shares during the quarter. Elevated Capital Advisors LLC’s holdings in Newmont were worth $953,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp increased its holdings in Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after buying an additional 1,289,084 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Newmont by 1.4% during the second 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Newmont by 8.6% during the second 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 during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Newmont by 6.8% during the first 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 during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $58.31 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The firm has a market capitalization of $67.24 billion, a price-to-earnings ratio of -21.98, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50. The business’s 50 day simple moving average is $53.25 and its 200-day simple moving average is $46.67.

Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. As a group, equities analysts forecast that Newmont Co. will post 3.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,000 shares of company stock worth $3,434,640. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. UBS Group raised their price objective on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Bank of America raised their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group increased their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $53.46.

View Our Latest Stock Report on NEM

Newmont Company Profile

(Free Report)

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.

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