Intact Investment Management Inc. Takes $75,000 Position in Newmont Co. (NYSE:NEM)

06 Nov 2024, 04:52 by Scott Moore · The Cerbat Gem

Intact Investment Management Inc. bought a new position in shares of Newmont Co. (NYSE:NEM – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,400 shares of the basic materials company’s stock, valued at approximately $75,000.

Other hedge funds have also recently bought and sold shares of the company. Northeast Investment Management acquired a new position in shares of Newmont in the third quarter valued at approximately $214,000. GFS Advisors LLC acquired a new position in Newmont in the 3rd quarter worth $203,000. Allen Wealth Management LLC bought a new position in Newmont during the 3rd quarter worth about $243,000. Lmcg Investments LLC raised its stake in shares of Newmont by 8.0% in the 3rd quarter. Lmcg Investments LLC now owns 202,512 shares of the basic materials company’s stock valued at $10,824,000 after purchasing an additional 15,049 shares during the period. Finally, Palliser Capital UK Ltd lifted its holdings in shares of Newmont by 3.9% in the third quarter. Palliser Capital UK Ltd now owns 107,101 shares of the basic materials company’s stock valued at $5,725,000 after purchasing an additional 4,001 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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, October 1st. The stock was sold at an average price of $53.81, for a total transaction 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 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 have sold a total of 46,000 shares of company stock valued at $2,444,440 in the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Newmont Price Performance

NYSE:NEM opened at $46.00 on Wednesday. The company has a market cap of $52.37 billion, a P/E ratio of -30.26, a P/E/G ratio of 0.37 and a beta of 0.51. The firm’s fifty day moving average price is $52.64 and its two-hundred day moving average price is $47.32. 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 – Get Free Report) 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 expect that Newmont Co. will post 3.12 earnings per share for the current year.

Newmont Announces Dividend

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 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 2.17%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NEM shares. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th. Veritas raised shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Royal Bank of Canada decreased their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Finally, Raymond James boosted their price target on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Nine equities 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.85.

Check Out Our Latest 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.